As a result, we are seeing a candle with big real body.
Most importantly, crossover by DMAs and EMAs on both daily and weekly respectively (7 & 21 time frames) signifies the next trend direction that is likely to either prolong southwards or sideways.
Same is the signal generated by other lagging indicator, has just signalled crossover on both daily and weekly.
While, both leading oscillators ( & ) have reached oversold zones but no trace of buying interest.
Visible downside gap is showing the strength of the bears in the pair. Thus, it is most likely that prices will evidence the southward targets.
So we like to maintain the same strategy using contracts as we did it in EURINR case, it is better go short in mid month ahead of Brexit scenario (UK referendum scheduled in June).
We see GBPINR (270416) contracts on NSE (National Stock Exchange) at 93.8975 has the highest open interest of 32,573.
So it is advisable to go long in near month but stay short in mid month , unlike forex options, where contracts are traded over OTC via currency brokers, currency are traded on exchanges that provide regulation in terms of centralized pricing and clearing.
NSE (National Stock Exchange) FX future, is a contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. On NSE the price of a future contract.
In the vast majority of instances, buyers and sellers will offset their original positions before the last day of trading (a day that varies depending on the contract) by taking an opposite position.
NSE offers when a currency contract is held to expiration and is physically settled, the appropriate exchange and the participant each have duties to complete the delivery.