USDINR and expect levels of 81.90 and 81.70 - HDFC Securities
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USDINR
Technical Observations:
* USDINR June fut. has formed a bearish candle, covering the previous day’s body, indicating the continuation of a weak trend.
* The pair has been placed well below the short-term moving average of 21 days.
* Momentum Oscillator, RSI of 14 days period is placed below 50 and weakening on the daily chart.
* MACD has been placed below a zero line with a negative crossover to MACD Average.
* Long unwinding has been seen as price along with open interest fell.
* We stay bearish on USDINR and expect levels of 81.90 and 81.70 in the coming days.
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