USD-INR MAY 2011 MCX-SX FUTURE

Yesterday it  opened  gap up  at  44.7050 & this itself was the low of the day. It then  went up to 44.8475 to mark the high of the day & finally  closed at 44.7900.For the day we expect slight gap up opening around 44.82.Our bias is negative &  face strong resistance at 44.83-44.85 for any up move. On the downside for the day there are good support at 44.69-44.71 & then at  44.60-44.62.  Swing trader should  sell short on any rally near 44.85  with the  stop of 44.89  for the target of 44.70 & then lower at 44.62. Remember traders discretion & judgment of price behavior during the entry of trade  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 1.4621 & low of 1.4491.It is forming the bullish flag pattern in the hourly chart. We look for strong support at 1.4480-1.4500 & target of 1.4755-1.4775.  Swing trader should go long  at current market price (cmp) with the stop of 1.4520 for the target of 1.4710 & higher. Traders discretion & judgment of price decline bottom is vital for profitability of trade  & this can be done at that moment of time only.

EURO-INR MAY 2011 MCX-SX FUTURE :-Yesterday  it opened gap up at   65.00 & this itself was the low of the day. It then relentlessly move till the fag end of the day to mark 65.36 as the high of the day to close at 64.31.For the day we are expecting a good support at 64.90-65.00 & resistance at 65.90-66.00.In our view aggressive  swing trader should  go long  at  65.05 with the stop placed at 64.90 for the target 65.90. 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.

EURO-INR MAY 2011 MCX-SX FUTURE :-Yesterday  it opened gap up at   65.00 & this itself was the low of the day. It then relentlessly move till the fag end of the day to mark 65.36 as the high of the day to close at 64.31.For the day we are expecting a good support at 64.90-65.00 & resistance at 65.90-66.00.In our view aggressive  swing trader should  go long  at  65.05 with the stop placed at 64.90 for the target 65.90. 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.

USD-JPY:- Yesterday it made the new bottom of 81.53 within a FALLING WEDGE formation. We see a good support at 81.25-81.40 & resistances at 82.35-82.50 & 82.90-83.10. In our view traders should go long around 81.70  with the stop of the 81.40   for the target of 82.305 & 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 MAY 2011 MCX FUTURE :-Today morning  it  opened gap up at 54.5.We see  resistance at 54.75-54.85 & support at 54.00-53.90.   In our view aggressive  swing trader should go short around 54.85   with the stop of 54.90 for the target of 53.90  & lower.

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