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USDINR

USDINR March futures filled the Gap formed on 26 February and closed above short term moving average in daily chart. The pair formed inside bar on weekly chart suggesting consolidation.

Volumes were lower in last week’s retracement from 74.35 to 72.80 suggesting bulls are still in command

The support has been shifted to 72.80 from 72.60 and resistance at 74.35.

Momentum oscillator, stochastic given positive divergence and heading north suggesting bullish momentum.

The short term trend in USDINR March futures could shift higher once the level of 74 crosses while on downside it could hold the level of 72.60

EURINR

EURINR March Futures took support at 200 DMA but formed lower low suggesting probable reversal in coming days.

On weekly chart, the pair started forming lower top lower bottoms suggesting down trend.

Momentum oscillators and indicators on daily and weekly chart turned week suggesting downward momentum in coming days

On daily chart, ADX line turned weak with –DI placed above +DI.

EURINR March futures expected to trade with bearish bias once the level of 87.25 breaks

Short term traders can go short below 87.25 for target of 85.55 keeping stop loss at 88.40.

GBPINR

GBPINR March futures closed below 13 days Exponential moving average. Short term trend for the pair remains up following higher top higher bottom formation. It has rising trend line support at 100.30.

Momentum oscillator, stochastic about to exit from the overbought zone suggesting near term profit booking while the trend remains up till it holds the level of 99.25.

MACD has given negative cross over to MACD Average on daily chart indicating weakness in coming days.

We expect long unwinding in coming days while the trend remaining upward with support of 99.25. On higher side we see resistance at 103 odd level.

JPYINR

JPYINR March futures has given box break down at 69.50 to 72 range. The pattern target comes at 67 odd levels while this week pair made low of 67.45.

The pair has been traded well below short and medium term moving averages suggesting further weakness going ahead.

Momentum oscillator stochastic exited from the oversold zone with positive divergence suggesting short covering bounce. But the trend remains negative following bearish MACD and ADX line.

The above technical evidences suggest bearish trend for JPYINR March futures. Short term traders should wait for short covering bounce up to 68.95 for fresh short keeping target below 67 and stop loss at 69.90.

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