USDINR
* USDINR Aprilfut. broken the rising trendline support on the daily chart.
* The pair has been placed well below the short-termmoving average.
* Momentum oscillator, Relative Strength Index of 14 days placed below 50 indicating negative momentum.
* Long unwinding has been seen with the fall in price and open interest (Reference table on page 7).
*We expect weaker price action in the coming days. Any short-covering bounce towards 82.40 can be a selling opportunity for targets of 81.70 and 81.50, keeping the stop loss at 83.
EURINR
* EURINR April fut. retraced to 10 days moving average. However, it placed well above the previousswing high.
* Relative Strength Index of 14 days is floating well above 50 and heading north.
* MACD is placed above the zero line and heading higher.
* Long unwinding has been seen with the fall in price and open interest (Reference table on page 7).
* The view remains bullish for EURINR April fut with higher side resistance at 91.30 and support at 87.90.
GBPINR
* GBPINR April fut. closed well above the falling channel and short-term moving averages.
* Relative Strength Index of 14 days is about to enter in the overbought zone.
* Short covering has been seen as the price has risen while open interest and volume declined (Reference table on page 7).
* We remain bullish on GBPINR in April fut and expect it to cross the level of 103 while keeping the support around 100.70.
JPYINR
* JPYINR April fut. closed above the short-termmoving averages.
* Relative Strength Index of 14 days hovering above 50.
* Short covering has been seen as the price has risen while open interest and volume declined (Reference table on page 7).
* The gap between MACD and MACD average narrowed indicating the convergence.
* The bias remains bullish for JPYINR April futures as long as it trades above 61. In the near term, it has resistance at 65 and supports around 61
To Read Complete Report & Disclaimer
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
SEBI Registration number is INZ000171337
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. For Disclaimer
