USD INR Outlook after Rupee makes all time low

By | June 11, 2013 10:10 am

As discussed last week post USD-INR will it hit all time low, Weekly forecast   USD INR achieved all target above trend deciding level.Lets analyze USD INR technical for coming 4 days after rupee opened at a record low on Tuesday


USD INR 4 Hour Chart


USD INR 4 hour chart  is trading at 58.61 which is very important Fibo channel resistance. Unable to cross pullback can be expected in Rupee.

 USD INR Daily Chart


As per Daily charts INR has closed above its 200 DMA which is bullish signal. Also it has closed above its symmetrical triangle which again shows a bullish picture. Target for Symmetrical triangle comes at 54.76+(55.84-52.88) =57.72. This is what we discussed last week and target got achieved. Negative divergence has started showing on Daily chart, confirmation will come once USD-INR starts trading below  58.


 USD INR Weekly Chart


Weekly charts have broken the  perfect symmetrical triangle and achieved the target, Negative divergence has started showing effect and pullback will be seen in next few session.


USD – INR Trend Deciding Level:59.07

USD – INR Resistance:59.51,60, 60.30

USD – INR Support:57.97,57.56 and 56.87

Levels mentioned are USD – INR June Future

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