Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

MCX Currency Novemeber Futures Trend Overview

35 sec read

USDINR spot on last friday closed at 61.37 which is a two week low. The currency depreciated on the back of the US Federal Reserve meeting on Wednesday winded up its QE tapering program and Yen fell to a seven-year low against the dollar on Friday as the Bank of Japan surprised financial markets by significantly expanding its massive stimulus programme which is followed by global rally in the equity market. Almost all the MCX currencies (USDINR, EURINR, GBPINR, JPYINR) November month futures maintains a positional sell mode and we can expect rupee strengthening across all the major currencies trading in MCX-SX Exchange.


USDINR Hourly Charts
USDINR Hourly Charts
USDINR

Positional resistance zone for USDINR comes around 61.90
Positional resistance zone for EURINR comes around 78.03
Positional resistance zone for GBPINR comes around 99.13
Positional resistance zone for JPYINR comes around 56.14

Strategy will turn to positional long mode if the resistance zone breaks above on the hourly charts.


EURINR Hourly Charts
USDINR Hourly Charts
EURINR

 
GBPINR Hourly Charts
GBPINR

JPYINR Hourly Charts
JPYINR

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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