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HDFC securities Retail Research: Currency Daily

Technical Observations:

* USDINR Sept fut. formed a Doji candle and closed above 10 DEMA.

* The pair didn’t break the previous day’s low but crossed the high in the last three trading sessions exhibiting positivity.

* Relative strength index of 14 days turned up and placed above 50, indicating a positive momentum.

* MACD has given a negative crossover to the MACD average exhibiting a weak trend.

* Minor short buildup has been seen as the price fell by 0.04% while open interests up by 4.4%.

* Broadly, the pair has been trading between 81.75 to 83.30.

* Looking at the derivative data and chart pattern, USDINR Sep fut is expected to consolidate between 82.45 to 82.85.

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