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USDINR December futures expected to face resistance around 75.40 and 75.70 -  HDFC Securities

USDINR

Technical Observations:

USDINR December futures witnessed profit booking after four consecutive daily gains.

While derivative data indicates rise in open interest and fall in price and volumes, considered at short buildup. But we believe, Wednesday’s fall in price was on back of profit booking after gaining more than 110 paise in last eight days.

Momentum oscillator, RSI has turned down but remains above 50.

The gap between –DI and + DI narrowed and expected to give positive cross over while ADX line weakening. The set-up remains positive for the pair.

USDINR December futures expected to face resistance around 75.40 and 75.70 while expected to hold support around 75.

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