USDINR December futures heads north for the fourth day in row as a part of long unwinding or profit booking - HDFC Securities
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Technical Observations:
USDINR December futures heads north for the fourth day in row as a part of long unwinding or profit booking.
The pair retraced almost 50% of previous upswing from 73.99 to 76.48.
It manages to closed above 21 DEMA on daily chart.
Momentum oscillator, Relative strength index of 14 days period exited from overbought zone and heading down indicating medium term weakness in the pair. However, oversold condition on hourly chart indicating intraday recovery in the pair.
USDINR December future is having support at 75.30 and resistance at 76.04. NDF market is indicating higher opening for the pair and we could see some lower level buying in today’s session.
Daily Chart
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