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Technical Observations:

USDINR

* USDINR near month futures has falling trend line resistance at 74 odd levels and support at 72.30.

* The pair closed well above short term moving average while having resistance at 50 DMA at 74.20.

* Momentum oscillator, Relative Strength Index of 14 week periods heading higher with positive cross over indicating upward momentum.

* MACD line flattened below zero line which is suggesting consolidation.

* The above technical evidences suggest bullishness for the USDINR April futures and expected head towards 74 odd levels.

* Monthly Range : 74.50 to 72.80.

EURINR

* EURINR near month futures broken the 50 Weeks Moving average support. The pair has support at 85.40, the 38.2% retracement adjoining level of 77.24 and 90.48.

* Momentum oscillator, Relative Strength Index of 14 heading towards oversold zone. MACD also placed below zero line with negative cross over and histogram indicating selling momentum.

* The pair has support at 83.06, the 100 week Moving average and resistance at 87.60 200 days moving average.

* Near term trend for EURINR April futures remains bearish and selling can escalate below 85.

* Monthly Range : 88.50 to 83.90

GBPINR

* GBPINR near month futures has support of 20 Week Moving Average at 100.09.

 * The primary trend for pair remains bullish amid higher top higher bottom formation on daily and weekly time frame.

* The pair is expected to hold bullish momentum until it breaks below 97.30. Momentum Oscillators and Indicators on daily and weekly charts are positive.

* The above technical evidences suggest continuation of bullish trend with higher side resistance at 103.43 and support at 97.30.

* Monthly Range : 98.00 to 103

JPYINR

JPYINR futures trend remains bearish with any short covering bounce used to make fresh short sell.

The short term moving averages are placed below medium term moving averages suggesting down trend. Momentum oscillator, RSI on weekly chart entered in oversold zone which is suggesting consolidation before heading lower.

MACD and MACD average gap widening and placed below zero line suggesting continuation of down trend. We remain bearish in JPYINR April futures and expect pair to head towards 64 odd levels after some short covering bounce.

Monthly Range : 68.50 to 64

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