usdinr daily chart technical outlook
usdinr spot rate or rupee against dollar closed at 54.82 with heavy gains in single session.on daily chart usdinr trend and momentum strong bullish as dollar given sharp reversal against rupee.
on chart usdinr weekly average is 54.36 and first support on downside.54.22 is 3 month average and major short term support while 54.19 is month average.on upside 54.9 and 55.2 are short term resistances for dollar.on indicators on daily chart momentum is strong bullish for dollar but overbought with short term view.
usdinr weekly chart technical outlook
usdinr on weekly chart showing huge gains in this week.this week usdinr spot low was 53.78 while high was 54.82.total 1+ rupee move in dollar after taking support at 12 month average and now trading above all medium to long term averages.on downside 54.27 is 6 month average and first support on weekly chart.below that 53.75 is 12month average and usdinr triggered short covering after touching it.in last 52.18 is 2 years average and last support for dollar bull market.on indicators momentum is strong for dollar and we may see higher levels in upcoming weeks.
usdinr weekly forecast for 13 to 17 may 2013
for next week above 54.36 hold buy on dips view and expect 54.9 to 55.2 as first target zone while above 55.2 one can expect targets near 56 in short to medium terms.below 54.25 we may see correction and consolidation will start for dollar once again.
from medium to long term view,55-55.9 and 56.5 are medium term targets if holds 54.25 on weekly closing basis.while below that we may see this time may breech 12 month average and start long term downtrend.