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USDINR December futures has support at 75.30 and resistance at 75.80 - HDFC Securities

USDINR

Technical Observations:

USDINR December futures has given bullish flag pattern breakout and trading above 75.80 will open new territory.

Short term moving averages are well placed above medium term moving averages.

Formation higher to higher bottom confirming the bullish trend.

Momentum oscillator, RSI about to enter in overbought zone indicating bullish momentum.

Rise in volumes and Open interest along with price indicating fresh long positions.

USDINR December futures has support at 75.30 and resistance at 75.80.

We remain bullish in USDINR December futures until it breaks level of 74.90

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