mcx-sx currency weekly technical report
usd inr weekly forecast
usd/inr currency pair spot rate last settled at 54.02 with loss in this week.this was second negative weekly closing for dollar.on above weekly chart we can see that this time dollar rupee pair made top at 55.9 and now heading towards last bottom of 53.
this week closed was below 6 month average and with downside breakout.on upside 54.2 is 6 month average and strong resistance for now and for next week below this level targets are 53.5 and then 51.85.
53.5 is 12 month average while 51.85 is 2 years average level.if RBI cut rates then we may see 51.9 levels in march expiry?on fundamental reasons.
on indicators dollar momentum look weak and this long term correction rally has downside targets.usdinr cci is below zero while rsi turned below 50 with fresh sell signal.
eur inr weekly forecast
eur/inr currency pair spot closed at 70.57 with flat losses in this week.this week euro rupee pair made high at 70.9 while low was 70.14,so total 76 paise volatility and recovering euro.
on above weekly chart euro still in correction phase only momentum holding near support and may be show sharp reversal on short covering in next week.
on upside 70.9 is 6 month average and strong resistance from which this week we seen sharp supply for euro.on downside 69.8 is 12 month average and then 68.2 is 2 years average and major supports.
on indicators eur/inr weekly cci is at –46 with bearish divergence while rsi is 48 but showing resilience.technically trend and momentum both bearish for euro but we do not suggest fresh shorts here.those hold shorts from upper level must trail sl above 70.9 and expect 69.8-69.5 in this week.i personally suggest wait and watch mode for next week.
gbp inr weekly forecast
gbp/inr spot pair this week closed at 81.56 with gains on technical bounce back rally.on weekly chart long term trend still down for pound against rupee as still trading below 2 years average.
on upside 81.8 is major resistance and 2 years average while on downside this week low of 80.35 remain as temp support.this week gbpinr pair made high at 82 while low was 80.32.total 1.68 rupee volatility and recovery in pound.
on indicators,gbpinr weekly cci is –172 and in oversold state while rsi is at 36 and off the lows.
for next week trend and momentum still down for pound but we suggest to stay in wait and watch mode.those having shorts must lock there profits with trailing stoploss.till march end we expecting heavy volatility in currency market so not so easy for trading!
any rally above 82 may show up 84.2 as target in very short time.
jpy inr weekly forecast
jpy/inr currency spot pair last closed at 56.64 with flat gains in this week.after last week sharp fall some traction on account of short coverings.this week yen rupee pair made high at 56.78 while low was 56.12.total 66 paise weekly move which is very narrow as compared to previous weekly moves.
on weekly chart major average way above so on downside support will be last low of 56.1 and on upside resistances are 57.3 and 58.5.trend and momentum still down for yen and any recovery in rupee will push this rally to new lows!!
on weekly chart jul 2011 low of 54 is only level spared and if slips below that then this is great bear market of yen may show 50-45 levels till 2013??