mcx-sx currency weekly forecast for 1-5 april 2013
usd inr weekly forecast for 1-5 april 2013
dollar rupee spot pair closed at 54.27 in this week with loss.this week we seen narrow range and dollar rupee pair made high at 54.47 while low was 54.08.on weekly chart usdinr trading above all major averages.on downside 54.21 is 6 month average,then comes 53.56 which is 12 month average.so trend is still strong for dollar and on chart consolidation is visible.on indicators usdinr weekly cci level is –17 with bullish divergence while rsi is still above 50 so traders above 54.2 on closing basis hold long view and expect 55 to 55.5 as upside target.
below 54.2 may start correction upto 53.5 to 52 levels.below 54.2 if trade for 2 days then go short for 1-2% downside rally with stoploss.as indian equity market showing reversal sign,fii dollar inflow may support rupee and correction is expected.but global news flow still supporting dollar index so situation remain tricky.
eur inr weekly forecast for 1-5 april 2013
eur inr spot pair this week closed with heavy loss at 69.5.this week euro rupee pair made high at 50.57 while low was 69.18.on weak euro we seen downside breakout this week.
on weekly chart eurinr pair now trading below 12 month average of 69.81 and heading towards last support of 2 years average of 68.23.below 69.85 for next 1-2 weeks time frame target remain 68.3-68.recovering rupee may accentuate fall here.
on indicators side,euro rupee weekly cci level is –123 and with absolute bearish divergence while rsi is at 43 and heading towards 30. with bearish momentum.
gbp inr weekly forecast for 1-5 april 2013
gbp inr spot pair last closed at 82.38 with loss in this week.after last 2 weeks recovery rally we seen profit booking and selling on account of bad news from from Europe.on chart pound rupee trading above 2 years average of 81.84 and on upside 84.22 is 12 month average and 84.6 is 6 month average and both remain as target as well as strong resistances.
on indicators pound rupee weekly cci level is –98 and look like taken support at –200 while rsi heading towards 50 with bullish divergence.above 81.8 hold buy on dips strategy for medium term and expect 84-85 levels as targets.
below 81.5 pound become sell for long term and mush more downside targets.
jpy inr weekly forecast for 1-5 april 2013
jpy inr spot pair this week closed with gains at 57.58.this week we seen narrow range and yen made high at 57.84 while low was 57.02.on weekly chart trend is absolute down from long term view but momentum showing some bounce back rally.
on indicators jpyinr weekly cci is now at –80 and forming bullish divergence while rsi is off the low as well as above 30.for next week above 56 hold buy on dips strategy and expect 58 to 59.1 as upside target zones.major average still way above at 62-64 levels zones.