USD-INR MAY 2011 MCX-SX FUTURE

Yesterday it  opened  at  44.8475 &  went down in the initial moments  till 44.80 to mark   low of the day.It thenwent up for the whole of the day till 44.9675 to mark the high of the day & finally closed at 44.94. For the day we expect flat to negative  opening around 44.90 with lower momentum of the last few days.In our view it should find resistance in the 44.99-45.01.As an extreme case it may stretch to 45.11-45.13.In either case it should commence a fresh decline initially to  44.79-44.81 & then44.68-44.72. Swing trader should sell short at 45.00 or at 45.10  with the stop of 45.15 for the target of 44.81-44.79 & 44.68-44.72. 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 1.43554,  made the low of 1.42708 & high of 1.44138.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  64.385  &  went down to mark the low of the day at 64.0625. It then  moved up  to mark 64.5375 as the high of the day to close at 64.4075.As reported yesterday the exhaustion gap is usually filled up immediately & that is the exactly it is being done. In our view aggressive  swing trader should  go long  around  64.40 with the stop placed at 64.30 for the target 64.800.Alternatively trader may short sell near 64.80 with the stop of 64.90 for the target of 64.10.  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 80.16 bit lower than  previous day's low. In fact within FALLING CHANNEL it has  formed a FALLING WEDGE & broken out of this. Simultaneously it has broken out of the INVERSE HEAD & SHOULDER pattern & currently in the pull back stage. A further move up will be break out from the falling channel & should lead to 82.30-82.50. We see a good support at 80.50-80.60. In our view traders should go long around 80.60    with the stop of the 80.40   for the target of 82.30 & 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 up at 55.77 ,made the top of 55.8450 & went down to register the low of 55.4775 & closed at 55.6950.Today morning  we expect it to gap down open & look for the support in the 55.00-55.10 & later 54.40-54.50.  In our view aggressive  swing trader should go short around 55.40-   with the stop of 55.65 for the target of 55.00  & 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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