USD-INR MARCH 2011 MCX-SX FUTURE

Yesterday it  opened at 44.91,made the high of 44.9675 in the opening moments only. It then keep declining  for whole of the day to mark the low at 44.7350 & finally closed the day at 44.7800.  In our view it is declining within the well defined downward channel as shown below in the chart. Today morning it  opened at 44.73 & made the low of 44.63.We would refrain from short selling as it has been declining incessantly for last 5-6 days & bottom may be very close by. However the symptoms of bottoming out are not distinctly visible & we would go long only above 44.8450. Swing trader should go long on breach  of  44.845 with the stop of 44.80 for the initial target of 44.95 & 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 low of 1.4054  & then went up to mark the high of  1.4220 & finally closed the day at 1.4171.In our most optimistic view it may crawl up to 1.4260-1.4280 or just few ticks above 1.4250.However it is not mandatory & it may return downside from the mid way for the initial target of 1.4050 & 1.3980.   Swing trader should sell short above 1.4250 or on breach of 1.4050  with appropriate stop of 1.4285 & 1.4075 for the initial target of  1.3980 & lower 1.3870.

 EURO-INR MARCH 2011 MCX-SX FUTURE

Yesterday  it made the high of 63.4325 in the opening moments of the day & keep declining till 63.01  to mark the low of day & finally closed  at 63.2525.Today morning it opened  at 63.415 & made the high of 63.47 & commence the decline. 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. However in the last two days it has declined ferociously & for the day it may make some sideways correction in the 63.10-63.30 range. In our view aggressive  swing trader should go short at 63.35 with the stop of the 63.45 for the  target of  then 63.05 & 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 80.93, made the high of 81.055& keep sideways drifting for the whole of the day to mark the low at 80.769 & finally closed at 80.995.We see it crawling to   further to 81.70-81.90 range. However note that for last 3 days it is making lower top & higher bottom, thereby restricting the trading range. The move to follow after such pattern is like bullet train & in 90% probability we are looking for upside at 84.50.

JPYINR MARCH 2011 MCX FUTURE :-Yesterday it opened at 55.42 & made the high of 55.51.It then continue to decline to mark the low of 55.2675 & finally closed at 55.3525.Today it opened the gap down at 55.20made the low of 55.14.  We see it declining to 54.90 & then 54.35 zone. In our view aggressive  swing trader should go short at any rallyaround 55.15 with the stop of 55.25 for the target of 54.90 & 54-35.

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