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USDINR

USDINR January futures on weekly chart closed above middle line of Bollinger Band.

● The pair has been holding the higher top higher bottom sequence on weekly chart.

● It has been trading in ascending channel considered to be bullish.

● Momentum oscillator, Relative Strength Index of 14 weeks placed below 50 and heading lower, indicating weaker momentum.

● MACD has been placed above zero line and direction is upward along with price indicating medium term up trend.

● USDINR January futures expected to trade in the range of 76.50 to 73.70 range.

EURINR

● EURINR January futures has been trading south with lower top lower bottom formation on major time frames.

● It has been facing resistance at 20 weeks moving average at 86.20.

● The pair is having support at 84 which is lower band of the Bollinger band.

● Momentum oscillator, Relative Strength Index of 14 weeks has been placed at 39 and direction remains down.

● MACD has been floating below zero line and histogram staying below centre line, indicating bearish trend.

● EURINR January futures expected to trade with bearish bias until it closes below 86.50 and likely to head towards 83.40.

GBPINR

● GBPINR January futures formed another Doji candlestick pattern considered as indecisiveness for traders.

● It has resistance at 101.23, the 20 weeks exponential moving averages.

● The direction remains bearish following lower top lower bottom formation weekly chart.

● Momentum oscillator, Relative Strength Index of 14 weeks has started upward direction and could form positive divergence indicating short covering above 101.50.

● GBPINR January futures has been consolidating in the range of 101.50 to 99.15 range since last three months. Looking at the over chart structure, one should look for range breakout to get directional trend.

JPYINR

● JPYINR January futures has touched lower band of the Bollinger band steadily heading towards three month low.

● Momentum oscillator, Relative Strength Index of 14 weeks heading towards oversold zone indicating bearish momentum.

● MACD also gyrating below zero line indicating bearish trend.

● ADX line is floating around 10 with –DI placed above +DI suggesting bearishness in the pair.

● JPYINR January futures has a bearish sequence of lower top lower bottom on major time frame indicating bearish trend. The pair is expected to trade lower and any short covering bounce towards 67.30 would be used for selling keeping stop above 68 for target of 64.

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