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USDINR

Technical Observations:

USDINR near month futures has been given Triangle Pattern considered as Bullish.

It has started forming higher top higher bottom formation on daily chart

It has support around 74, the 50 weeks simple moving averages and resistance at 75.80, recent swing high.

Momentum oscillator, Relative Strength Index of 14 weeks period holding well above 50 and heading north suggesting continuation of upward momentum.

MACD has been placed above zero line but remains below average while bar of histogram is narrowing indicating MACD could cross average in coming week.

USDINR December futures expected to trade with bullish bias and crossing of level 75.78 could open for 77.07 while falling below 73.90 will negate trend.

EURINR

Technical Observations:

EURINR near month futures forming lower top lower bottom formation on weekly chart.

The pair fell below short and medium term moving averages on weekly chart. It has been facing resistance at 20 Weeks moving average, currently placed at 86.90.

Momentum oscillator, Relative Strength Index of 14 weeks exiting from oversold zone and given positive cross over indicating short covering bounce in coming days.

DMI remains bearish with –DI placed above +DI and ADX heading higher.

Medium term trend for EURINR December futures remains bearish and falling below 83.40 could accelerate the selling momentum towards 81. In case of short covering we could see level of 87.70 which will be used to make fresh short by keeping stop above 89.50. Trend reversal can be seen only above 90.50.

GBPINR

Technical Observations:

GBPINR near month futures given first sign of trend reversal by forming lower top lower bottom on weekly chart.

It has been started trading below 20 and 50 weeks moving average.

The pair also broken rising trend line support and currently trading in falling channel with resistance at 103.50 and support around 98.50.

Momentum Oscillators and Indicators on daily and weekly charts are sailing south suggesting bearish momentum with downtrend.

Above technical evidences suggesting bearish trend for GBPINR December futures and short covering rally should be used to make fresh short sell.

The pair is having major support around 99 and breaching of it will open for 96 level, while expected to resist around 102 levels.

JPYINR

Technical Observations

JPYINR near month futures is having resistance around 67.25, the trend line adjoining high 69.84, 68.55, and 67.94 while holding support around 64.50.

The pair has been trading below short term moving average of 20 and 50 weeks.

Momentum oscillators, relative strength index has given positive cross over and exited from oversold zone with positive divergence indicating short term reversal in the pair

MACD has been flatten and currently placed below zero line indicating medium term weak trend

Near term bias for JPYINR December futures remains sideway with down trend. However, looking at the overall chart pattern, we expect short covering rally in coming weeks before heading south.

The pair has resistance around 68 and support around 64.

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