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USDINR November futures expected to open lower -  HDFC Securities 

USDINR

Technical Observations:

USDINR November futures broken the support of 21 DEMA in day trading but manages to close slightly above that, keeping neck out from bearishness.

On hourly chart, the pair has formed lower high and breaking of 74.90 will confirm the lower low which will be bearish set-up for short term. While the medium term trend remains up until it holds level of 74.30.

Momentum oscillator, stochastic hovering around oversold zone indicating consolidation in price with weakness.

USDINR November futures expected to open lower and stay in broad range of 74.90 to 75.30 for next couple of days.

The pair is expected to trade lower in today’s session with down side support at 74.90 and resistance 75.20.

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