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USDINR December futures expected to trade in the range of 74.95 to 74.50 - HDFC Securities 

USDINR

Technical Observations:

USDINR December futures stay below short term moving averages. Thin volumes and steady prices actions through the weeks indicating consolidation in the pair.

It has been in the range of 75 to 74.40 since last two weeks.

Momentum oscillator, Relative Strength Index (RSI) of 14 days period pierced average line and heading towards 50 indicating bounce in coming days. However, medium term trend remains down following bearish sequence of lower top lower bottom on daily chart.

USDINR December futures expected to trade in the range of 74.95 to 74.50 in near term and level above 75 will negate the down trend and we could see 75.55 level while breaching of 74.40, push it towards 74 odd level.

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