USDINR traded below near term resistance of 61.15 levels for seventh consecutive session and closed at 61.04 levels. A positive cross over in between RSI 14 and its 9 period SMA is signaling for short term pullback in days to come.
A break above 61.15 levels could result in test of 61.35 levels and above it 61.48 levels, else pair may take short term correction till 60.82-60.68 levels.
GBPINR closed below the short term MA and formed a high wave candle stick on EOD chart. Today, momentum may show high volatility in GBPINR following to the above technical aspects while during the mid day U.K. Services PMI will decide further short term trend.
As per the yesterday sell call those who have still holding can book 80% profit).
Now will expect to test 100.20-100.05 next downside level.
JPYINR was the star performer against the three other currencies and as per the sell strategy given since 1st September was successful, with pair dropped towards 58.06 low. Today, bearish move is expected to continue below the important hurdle of 57.98 levels. Weakness in the Yen against the dollar which is trading at $104.906 levels may contribute intraday selling pressure in JPYINR too.
Hence sell below 57.97 is recommended for target of 57.70-57.55 and stop loss of 58.20.
China purchasing managers' index (PMI) for the industry rising to 54.4 from a six-month low of 54.2 in July, a government survey showed on Wednesday.
More will update soon...