dollar rupee forecast for 16 to 20 sep 2013

dollar rupee forecast for 16 to 20 sep 2013

dollar rupee daily chart technical analysis

dollar rupee spot pair last closed at 63.29 with loss.on daily chart trend is still up but momentum clearly bearish as correction goes on.

on daily chart,usd/inr pair trading below week and month average while closed just above 3 month average.on downside 62 is 3 month average and major short term support.on upside 63.8-64.3 is week and month average zone and remain as supply zone.

on indicators,usdinr daily chart rsi is at 51 with bearish divergence while cci is –60 and with same.

usdinrdailychartfor16to20sep2013

dollar rupee weekly chart technical analysis

dollar rupee pair this week closed with loss.this was second week with negative closing and in these 2 weeks rupee appreciated from 69 to 63.

on weekly chart trend is bullish but momentum is bearish on correction.on downside 59.55 is 6 month average support and 57.25 is 12 month and 54.5 is 2 years average support levels.on upside 68 is remain top and major resistance from long term view.

on indicators,usdinr weekly chart rsi level is 64 with bearish divergence while cci is at +113 and off the highs.

dollar rupee forecast for 16 to 20 sep 2013

for next week ,usdinr below 64.4 hold short view for target 62 and below.but qe3 news and other fundamental may support to dollar and resume uptrend so trade with strict stoploss.below 62 traders can expect 60-58 as immediate targets.while above 645. expect sharp short covering rally upto 68+.

from medium to long term view,this correction may take usdinr pair upto 59.5-60.but volatility remain concern and pair will move upside or downside on basis of news flow/fundamental news.indicators also suggesting that this correction may show deep downside levels.

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Updated: 15/09/2013 — 9:29 AM

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Pramod Baviskar

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