USDINR July fut. took support at 81.70, the 61.8% of Fibonacci retracement - HDFC Securities
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USDINR
Technical Observations:
* USDINR July fut. took support at 81.70, the 61.8% of Fibonacci retracement.
* It has resistance at 82.27, the 21 days exponential moving average.
* Broadly, the pair has been oscillating between 83 to 81.50 since February.
* Momentum Oscillator, RSI of the 14 days is placed below 50 and exhibiting weakness.
* MACD is positioned below the zero line with a negative cross-over.
* The rise in prices and fall in open interest has been observed, signifying short covering.
* The pair is expected to trade lower within the range of 81.70 to 82.10. However, the bias remains bearish as long as it trades below 82.25.
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