USDINR October futures took support at 74.70 - HDFC Securities 

USDINR

Technical Observations:

USDINR October futures took support at 74.70, 21 DEMA and falling trend line adjoining recent swing highs.

The pair has made higher highs and lows on daily chart indicating continuation of upward trend.

Momentum oscillator, RSI of 14 days period turned upward and heading north indicating positive momentum.

The price rise came with lower volume on Monday suggesting short covering.

DMI indicator also supporting upward trend as ADX line direction is upward with +DI placed above –DI.

USDINR October futures expected to open slightly lower but can recover from lower level. Intraday support for the pair is at 74.70 and resistance at 75.30.

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