In yesterday’s blog post, I said that markets were anticipating a rate cut. But RBI today announced no change in Repo, Reverse Repo rates. A change was made in SLR which didn’t make any big move in the market.
Nifty was in red since today morning. But it recovered a bit in the late afternoon.
USDINR opened at 61.92, very low against yesterday’s closing LTP of 62.09
Dayhigh was 62.1425 and Daylow was 61.8975. Today’s closing LTP=61.9575
Let’s look in to technical aspects:-
USD-INR opened at 61.92 well below the Fibonacci 2nd support (S2) of 61.99. In the morning session, S2 (61.99) was broken and pair reached upto 62.1425 after crossing 1st support at 62.06 (S1). Actually I must call S2 & S1 is R1 & R2
The pivot was calculated at 62.1750 which the pair couldn’t touch. The one support which is yet to break is 3rd Support 61.8775 (S3). Hope the pair will touch 61.8775 tomorrow and bounce back. Anyhow note that the major support line is at 61.7350
ADX indicator for USDINR showed bears were not strong enough to start a bearish trend. Bulls were weak; but as per Williams %R indicator, we were in Buy zone today morning. This helped bulls to break 2 resistances atleast. But the closing was under those resistances and hence I advice to watch 61.8775
Figures to watch:-
62.51 is a figure to watch on the higher side. There is one more figure to hit on previously given “yet to hit figures” by me. Its 62.36 (Note the month high as of now is 62.35)
I believe the support at 61.7350 is very strong. In case if its broken, downside watch should be 61.52