USDINR
USDINR maintaining north side momentum from couple of days, On Wednesday pair likely to commence session between 73.25 – 73.35 as greenback advance to a one-month high, aided by data showing inflation speeding up as well as Brent oil gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors.
Day Trend: - BUY ON DIP (BULLISH).
INTRADAY RANGE – 73.05 (73.22 – 73.39) 73.56
FOMC
Markets expect a taper announcement on the cards amid higher inflation and uneven recovery in the US labor market Investors remain focused on the Fed’s outcome, as they shrug off Tuesday’s mixed US Retail Sales and PPI data.
EURUSD
EUR/USD is riding the trend line support towards the 61.8% Fibonacci retracement level of the prior bearish impulse.
INTRADAY RANGE – 1.2198 (1.2149 – 1.2100) 1.2051
GBPUSD
On Wednesday, The Sterling trading at intraday low to 1.4078 within a choppy range below 1.4100 Asian session. The pair dropped to the lowest in a month the previous day before bouncing off 1.4034. However, chatters surrounding UK’s covid conditions and Brexit woes join the pre-data/event cautious sentiment to weigh on the quote of late.
INTRADAY RANGE – 1.4226 (1.4129 – 1.4032) 1.3935
AUDUSD
The AUDUSD pair subdued in the midweek’s Asian session. The pair moves in a very close trading range consisting of 8 – 10 pips. The sentiment worsened as for the first time, it closed below 0.7700 since the previous five-six sessions.
GOLD PRICE
Gold price is moving towards the 200-Daily Moving Average at $1839, as sellers returned following a rejection once again near $1860. The US dollar continues to hold the higher ground ahead of the all-important FOMC decision due later today, which will be followed by Fed Chair Jerome Powell’s press conference. Technically, a breach of the key technical support at $1879 has pushed gold price in to a bearish trend.
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