USD-INR MARCH 2011 MCX-SX FUTURE

Yesterday it  opened at 45.0450,made the high of 45.0900 in the opening moments only. It then keep declining  for whole of the day to mark the low at 44.8800 & finally closed the day at 44.9050.Essentially the flow of Vodafone tax liability & conversion of all ECB money prior to March is responsible for the strength of INR.On the top of this the statement by RBI that current account deficit will be brought to 2.5% from present 3.5%.has created havoc. the In our view it is declining within the well defined downward channel as shown below in the chart. Today morning it has made the low of 44.78 & we are of the view that   bottom is nearby. However conservative trader may cover the long position & reinstate when channel is breached upside.  Swing trader should go long on breach  of upper line of trenedline & above ATP  with the stop of low of the day for the initial target of 44.99 & 45.21.

SPECIAL NOTE:- We would earnestly request the readers to read carefully the qualifying conditions for the call to be activated. Without meeting the qualifier conditions call do not get activated & simply cursory look at chart & arrow may lead to erroneous call activation & financial losses.

EURO-USD

 Yesterday it made the high of 1.4215  & then went down to mark the low of  1.4076 & finally closed the day at 1.4096.It is pertinent to note that our target of the 1.4085-1.4055 was actually achieved.With the resurfacing of the Portugal crisis it is likely to go down further.On the technical side it is forming the double top formation & from JAPANESE CANDLE STICK it has formed the EVENING STAR. We are of the view that  the top has been formed  & reversed for downside.   Swing trader should wait for the corrective rally & short in the 1.4100-1.4215   with appropriate stop of 1.4135 for the initial target of  1.3970 & lower 1.3880.

EURO-INR MARCH 2011 MCX-SX FUTURE

Yesterday  it made the high of 63.90 in the opening moments of the day & keep declining till the closing moments of the day to mark the low at 63.58 & finally closed the day at 63.6575.Today morning it opened the gap down at 63.43 & made the low of 63.07.As we have been reporting for the few days the decline has began & we are looking it 62.40 or lower. In our view  it  is sell on every rally. In our view aggressive  swing trader should go short at 63.18 with the stop of the 63.30 for the  target of  then 62.90 & lower. Once the trade runs in profit trail the stop suitably for exit so that profit is compounded & any lower target can also be taken advantage of it.

USD-JPY:- Yesterday it opened at 80.98, made the high of 81.07& keep sideways drifting for the whole of the day to mark the low at 80.69 & finally closed at 80.93.We see it crawling to   further to 81.70-81.90 range & then decline to 80.90-80.70 zone.

JPYINR MARCH 2011 MCX FUTURE :-Yesterday it opened at 55.74 & made the high of 55.77.It then continue to decline to mark the low of 55.4950 & finally closed at 55.5175.Today it opened the gap down at 55.42made the low of 55.30.  We see it declining to 55.15-55.25 zone. In our view aggressive  swing trader should go short at any rallyaround 55.35 with the stop of 55.50 for the target of 55.15-55-25 & lower.

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