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Published on 28/10/2021 10:02:44 AM | Source: HDFC Securities Ltd

USDINR November futures formed small body candle implied consolidation on expiry - HDFC Securities

Posted in Currency Report| #HDFC Securities #Currency Tips

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USDINR November futures formed small body candle implied consolidation on expiry -  HDFC Securities 

USDINR

Technical Observations:

USDINR November futures formed small body candle implied consolidation on expiry.

It has been holding higher top higher bottom formation on daily chart.

The pair is holding support of 21 DEMA, currently placed at 74.77.

Momentum oscillator, fast stochastic formed divergence and exited from oversold zone indicating positivity for pair.

ADX line started flattening, indicating consolidation in up trend.

In near term, USDINR November futures expected to trade in the range of 75.30 to 74.80.

Bias for the pair remains bullish until it holds level of 74.30 while on higher side 75.80 remains resistance.

 

 

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