USD-INR MAY 2011 MCX-SX FUTURE

Yesterday it  opened gap down  at  44.6000 &  made the low of 44.52 in the initial moments. It then rose steadily to mark the high at 44.69 & finally  closed at 44.6625.For the day we expect flat opening around 44.65.Our bias is mildly positive &  faces resistance at 44.76-44.78 for an up move. Crossing the 44.78 will lead to 44.86-44.88 resistance zone. On the downside for the day there are good support at 44.65-44.63 & then at 44.60-44.62.  Swing trader should  buy  on any dip near 44.64  with the  stop of 44.58  for the target of 44.78 & higher. 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 1.4882 & low of 1.4771.It has exceeded our outer target of 1.4775 & now looks to touch 1.4950 or still higher.However it being the terminal move of large pattern it may undershoot or overshoot & wanning momentum is our concern.We are therefore looking for the crawling move to 1.4950.  Swing trader should go long  at  1.4820 with the stop of 1.4795 for the target of 1.4950 & 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   65.70 & this itself was the low of the day. It then relentlessly move up till the  end of the day to mark 66.2150 as the high of the day to close at 66.0375.For the day we are expecting a flat to positive opening  in the range of 66.10-66.15 & then move up to 66.40-66.50.On the most optimistic note it may extend its rally to 67.00-67.10 There is  good support at 65.90-66.00.In our view aggressive  swing trader should  go long  at  around    66.10 with the stop placed at 65.90 for the target 66.40 and 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.

USD-JPY:- Yesterday it made the low of 81.36 was on expected line. However lack of momentum and the ease of decline indicates  that the correction is far from over. On the optimistic note as long as 81.25  is held one can look for 82.90 on upside. Alternatively breach of 81.25 may be bearish or lead to prolong sideways consolidation. In our view traders should go long around 81.30  with the stop of the 81.10   for the target of 82.80 & 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 :-According to our analysis it has formed the swing top of 54.9675.However  yesterdays movement suggests a minor high above 54.9675  as low probability & not a  certainty. we see major resistance at 55.05-55.00 & support at 54.10-54.15.   In our view aggressive  swing trader should go short around 54.95   with the stop of 55.10 for the target of 54.40  & lower.

  GBPINR MAY 2011 MCX FUTURE :- According to our analysis it is in the last leg of rise & therefore very likely that it will undershoot or overshoot. We are looking for one more new high  above 74.5275.Our first target is near 75.00 & next around 75.30. In our view traders should go long around 74.50 with the stop of 74.40 for the target of 75.00 or higher.

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