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USDINR

Technical Observations:

USDINR August fut. retraced from the resistance area of 82.90 to 83.

The pair has been trading well above major moving averages, the spread between short-term and mediumterm moving averages is expanding indicating a positive trend.

Momentum Oscillator, RSI of 14 days is placed above 50 and heading north on the daily chart.

MACD has been placed above the zero line and heading higher.

Long unwinding has been seen as price along with open interest fell.

We remain bullish on USDINR August futures and sustainable trade above 83 will pave the way for 83.50 while 82.50 remains strong support.

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