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EURINR December futures formed intermediate higher top higher bottom - HDFC Securities

USDINR

Technical Observations:

USDINR December futures broken the previous top resistance and closed above it. The pair is having psychological resistance around 76 and crossing of the same will open for 76.70 odd level.

The pair has been trading well above short term and long term moving averages. Also, formation of higher top higher bottom on daily and weekly chart gives extra strength in the pair.

Momentum oscillator, Relative Strength Index entered in overbought zone which direction remained north indicating continuation of upward momentum.

USDINR December futures expected to trade in the range of 75.50 to 76.50 with bullish bias.

EURINR

Technical Observations:

EURINR December futures formed intermediate higher top higher bottom on hourly chart while on daily and weekly chart the bearish sequence remained intact.

Momentum oscillator, RSI of 14 days period floated above 50 mark but direction remained side way indicating consolidation in the pair.

The pair has resistance around 86.30 and support at 84.90.

We remain neutral to bearish on EURINR December futures and breaking of level 84.90 will an opportunity to make fresh short sell for target of 83.50 and stop loss at 85.80.

GBPINR

Technical Observations:

GBPINR December futures traded well below short term moving average of 21 Days, considered as short term bearishness.

Momentum oscillator, RSI has been placed sub 50 level and flattening, implying consolidation with lack luster price action.

MACD is placed below zero line while direction has reversed suggesting short term reversal.

The pair has been consolidating in the range of 101 to 99.50 range.

We remain neutral on GBPINR December futures and expected to consolidate in the range of 99.50 to 101.

JPYINR

Technical Observations:

JPYINR December futures traded in the range of 66.30 to 66.90.

The pair has been traded well above 21 DEMA.

It has formed Bullish Flag pattern on daily chart.

Momentum oscillator, RSI placed above 50 and flattening indicating consolidation before heading higher.

MACD is placed above zero line and histogram is also strengthening indicating strong trend.

JPYINR December futures expected to trade up and crossing of 66.90 will open higher side of 67.50 while breaking of 66.15 will negate the said up trend.

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