USDINR December futures broken the short term moving average support of 21 days exponential moving - HDFC Securities
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Technical Observations:
USDINR December futures broken the short term moving average support of 21 days exponential moving average and heading towards 55 days exponential moving average which is also December contracts monthly low.
Momentum oscillator, Relative Strength Index of 14 days period turned weak on daily chart with RSI line pierced below average line with south bound direction.
MACD given negative cross over to MACD Average indicating weaker trend going ahead.
Derivative data indicating fresh short buildup with rise in volume and overall OI while prices are falling.
USDINR December futures expected to trade with negative bias and could head towards 75.10 while resistance shift to 75.54.
Daily Chart
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