USD-INR APRIL 2011 MCX-SX FUTURE

Yesterday it  opened  gap up at  44.3825 & within first 15 minutes went down to 44.1675 to mark the low of the day. It then continued to rise till the  fag end of the day to 44.51 to mark the high of the day & finally  closed at 44.4875.Today we are expecting flat to slight negative opening & should find strong support at 44.42-44.38 zone. Under normal circumstances we do not see the breach of 44.38-44.42 & from there on we are looking for the march to 44.60-44.64 zone. In highly optimistic view if it pierces the 44.60-44.64 zone upward then our next target zone is 44.93-44.99.  Swing trader should allow the market to stabilise in first hour & on confirmation of the support around 44.38-44.42 go long   with the  stop of 44.35 for the target of 44.60-44.64. Remember traders discretion & judgment of price behavior during the first one hour is vital for right direction  & this can be done at that moment of time only.

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 1.4520  & then started mild decline. In our view it  has  terminated larger degree pattern at 1.4520 & headed for the substantial decline. For the day we have outright negative bias & under normal circumstances find the support at 1.4385-1.4365 & then at 1.4310-1.4285.  Swing trader should  short sell at any rally with the stop of 1.4520 for the initial target of 1.4385-1.4365 & then at 1.4310-1.4285. Traders discretion & judgment of price rally top is vital for profitability of trade  & this can be done at that moment of time only.

 EURO-INR APRIL 2011 MCX-SX FUTURE :-Yesterday  it opened at 63.80, made the low  of 63.6375 during the initial moments of the day. It then keep rising for the whole of the day till 64.3125  to mark the high of day & finally closed  at 64.2450.Today morning it is expected to open gap up around 64.45-64.50 & then move in accordance with the events of the day. We are of the view that today's gap up is likely to be the exhaustion gap with the termination of the large pattern.  In our view aggressive  swing trader should wait for the confirmation of the top formation & then go short on the breach of ATP with the stop of the high for the target 64.24 & then 64.05. 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 made the low of 83.47 & moving sideways to go higher. The level of 83.50 was our  target & we are extremely bullish for the target of 87.50-87.70 in coming days. In our view traders should go long at current market price with the stop of 83.47 as stop for the target of 87.50 & higher. Once the trade runs in profit trail the stop suitably for exit so that profit is compounded & any higher target can also be taken advantage of it.

JPYINR MARCH 2011 MCX FUTURE :-Today morning  it  made the high of  53.3075 & we are looking for  a small blip above this on optimistic note  or direct move down to 52.50. In our view aggressive  swing trader should go short at  cmp  with the stop of 53.60 for the target of 52.50 & lower.