Dollar Consolidates ahead of US Inflation Data - HDFC Securities
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Technical Observations:
USDINR
* USDINR October fut. formed a Doji Candlestick pattern indicating indecisiveness among traders.
* The pair is trading well above the shortterm moving averages and has resistance at 83.38, the upper band of the Bollinger Band.
* Momentum oscillator, Relative Strength Index of 14 days is placed in an overbought zone and flattening lacking directional momentum.
* MACD and DMI both are well placed indicating the medium-term uptrend.
* Short covering has been seen with minor gain in the pair and a fall in open interest and volumes.
* USDINR Oct. fut. is expected to trade within the range of 82.10 to 82.85 with positive bias.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
