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USDINR November futures traded in narrow range for another day - HDFC Securities 

USDINR

Technical Observations:

USDINR November futures traded in narrow range for another day by forming Doji Candlestick pattern, considered as indecisiveness.

The pair is facing resistance at 21 Days Exponential Moving Average.

Formation of lower top lower bottom indicating continuation of weak trend.

Momentum oscillator, Relative Strength Index of 14 days period flatten below 50 indicating lackluster momentum.

Volumes remained dried with low price action.

USDINR November futures expected to trade in the range of 74. to 74.70 ahead of derivative expiry. Near term outlook remains neutral until it gives range breakout or breakdown.

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