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USDINR December futures sustained above short term moving averages -  HDFC Securities 

USDINR

Technical Observations:

USDINR December futures sustained above short term moving averages. Short term moving averages are placed above medium term moving averages.

The pair has given falling channel resistance breakout on hourly chart.

From the derivative data perspectives, the pair has seen rise in price and increase in open interest considered as fresh long buildup. However, volume remains lower following higher volatility.

Momentum oscillator, Relative Strength Index of 14 days period heading north with positive cross over indicating bullishness.

USDINR December futures expected to show some profit booking in today’s trade with downside support around 75 and resistance at 75.40.

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