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

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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


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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

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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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