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USDINR November futures has support at 74.70 -  HDFC Securities 

USDINR

Technical Observations:

USDINR November futures, derivative data indicating fresh short buildup with rise in open interest and fall in price.

The pair took support at “super trend” and falling trend line at 74.72.

In intraday trade, it broken 21 DEMA but closed slightly above the level.

Momentum oscillator, Relative Strength Index of 14 days period turned weak on daily chart with RSI line pierced below average line.

Volumes are expected to remain light ahead long weekend.

USDINR November futures has support at 74.70 and falling below that level confirms short term bearishness with lower top – lower bottoms sequence while crossing of 75.30 negates the said view and up trend will resume.

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