USD-INR MAY 2011 MCX-SX FUTURE

Yesterday it  opened  at  44.92 & this itself was the high of the day. It went down till 44.74 to mark   low of the day to finally close at 44.8825. For the day we expect flat to negative  opening around 44.85 & should find resistance in the 45.02-45.04.As an extreme case it may stretch to 45.11-45.13.In either case it should commence a fresh decline initially to 44.68-44.72 & then to 44.50-44.54. Swing trader should sell short at 45.00 or at 45.10  with the stop of 45.15 for the target of 44.68-44.72 & 44.50-44.54. Remember traders discretion & judgment of price behavior during the entry of trade  is vital for profitable trade  & 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 opened at 1.43060 & made the low of 1.42544.We are looking now for some pause or congestion prior to resumption of the downtrend. We estimate it to consolidate in the 1.4250-14550 range for couple of days as shown in the chart.   Swing trader should go short  around 1.4560  with the stop of 1.4590 for the target of 1.42900-1.42600. 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 MAY 2011 MCX-SX FUTURE :-Yesterday  it opened  gap down at  64.8975  & this itself was  the high of the day. It then  moved down  to mark 64.43 as the low of the day to close at 64.5850.In our view  yesterday's gap was the continuation gap & expect it to open gap down today too with the exhaustion gap to move down to 63.85-64.10 zone. Alternatively it may not open with gap & may go up bit but not beyond 64.80 & then commence downward journey to 63.85. In our view aggressive  swing trader should  go short  around  64.50 with the stop placed at 64.80 for the target 64.10 and lower.Alternatively it may be bought near 64.00 with the stop of 63.70 for the target of 64.50.  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 80.189 bit higher than  last low of 79.54.In fact within FALLING CHANNEL it has been forming a FALLING WEDGE which is reliable sign of shoot up after such huge decline. We see a good support at 80.10-79.90. In our view traders should go long on break out of the FALLING WEDGE   with the stop of the 79.90   for the target of 81.70 & 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 :-Yesterday it  opened  gap down at 55.75 ,made the top of 55.95 & went down to register the low of 55.4675 & closed at 55.5450.Today morning it had opened with the gap up & on the most optimistic note it may move up to 55.85-55.95 & then commence the downward journey to 55.00-55.10. In our view aggressive  swing trader should go short around 55.90-55.80   with the stop of 56.25 for the target of 54.70  & lower.

 GBPINR MAY 2011 MCX FUTURE :- According to our analysis it has formed the top at 74.50 & headed for 72.20  & lower. For the day it has initial resistance at 73.65-73.50  & downside support at 72.90. In our view traders should go short around 73.50 with the stop of 73.70 for the target of 73.00 or lower.

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