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USDINR

Technical Observations:

* USDINR May futures has been consolidating between 77.30 to 77.80, the 61.8% and 76.4% Fibonacci extension adjoining low 74.39, high 77.33 and 75.46.

* The short term moving averages are placed above medium term moving averages indicating the continuation of the uptrend.

* Momentum oscillators, Relative Strength Index of 14 days oscillating near overbought zone and currently placed at 69.

* Long build-up has been seen with rising price and open interest while the volume remains lower following range bound trade.

* The bias remains bullish as long as USDINR May futures hold above 77.30 while on the higher side one can expect 78 and 78.30.

EURINR

Technical Observations:

* EURINR May futures formed a higher high on the daily chart, the first sign of trend reversal, but yet to form a higher low for confirmation.

* The pair closed above 21 Days exponential moving average, almost aftertwo months.

* Momentum oscillator, Relative Strength Index of 14 days given positive divergence and currently placed above 50.

* MACD has given positive cross over and heading towards zero line along with positive histogrambar.

* Short covering has been seen following a rise in price and a fall in open interest.

* EURINR May futures is expected to march towards 84 odd levels, the falling trend line resistance and may hold the support of 80.50.

GBPINR

Technical Observations:

* GBPINR May futures closed above 21 days exponential moving average. The short term moving averages are placed above medium term moving averages suggesting a short term uptrend.

* Formation of higher top higher bottom on an hourly chart indicating short term uptrend.

* Directional Movement index showing strength with +DI placed above –DI and ADX line started declining indicating a weak downtrend.

* Momentum oscillator, RSI has been placed sub 50 level indicating positive momentum.

* Short covering has been seen following rising prices and a fall in open interest.

* GBPINR May futures is expected to trade higher with near term resistance at 99 and support at 95.90.

JPYINR

Technical Observations:

* JPYINR May futures started trading in ascending channel after a parabolic downtrend, indicating a short term reversal in the trend.

* The pair heads toward 61.95, the 38.2% Fibonacci retracement adjoining high 67.17 and low 58.72., which is coincidentally the upperline of ascending channel.

* Momentum oscillator, Relative strength index of 14 days currently placed at 55 levels considered as positive momentum for the pair.

* Directional movement index is indicating positivity with +DI placed above –DI and ADX line approaching towards the centerline.

* JPYINR May futures is expected to trade higher with the resistance of 62 and support 59.35, the said view will be negated if it breaksthe level of 59.35.

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