Dollar-rupee 2017-above 67.7 remain bullish targets 69.5-70.8

Usd inr future 2017 yearly technical analysis

Usd inr future 2017 yearly technical analysis

Dollar rupee future this week closed at 68.27 with gain. This was third positive weekly closing for pair. In these 3 weeks rupee slides from 67.7 low to highs of 68.5+. In last 5 weeks timeframe dollar recovered from low of 67.45 to high of 68.5. Almost 1 rupee plus or 2% move from lows.   For 2017, usd inr future look bullish means weak rupee and strong dollar. On downside 67.7 is major support zone and above it us dollar will continue to dominate against rupee.   My upside long term technical target for this pair are 69.5 and then 70.8. But weekly chart indicators pattern suggesting downside for pair and are with future breakdown patterns.   Below 67.7, on weekly closing basis usd inr future will become bullish and sell on rise. Below 67.7, dollar will enter into downtrend against rupee and will head for my bearish targets of 66.4 and 64.7 in 2017.   Usd inr future weekly chart suggesting previous top of 69 rupee was major top for this pair and now it is time for major long term correction in usd inr future on improving Indian stock market fundamentals.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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