USD INR future technical analysis report for march 2016
this month opened with loss and trading in red on recovering rupee. On monthly chart, price trend is bullish but price pattern as well as indicators suggesting topped out condition for us dollar. On chart, 65.9 is 12 month average levels and first support zone. This is first short to medium term target for correction phase. Below it 62.15 is 3 years average and 59 is 5 years average and long term corrective target. For month of March 2016, usd inr below 68.6 will remain sell or bearish. 68.8 is major pivot levels and remain strong supply point on chart. On downside 68 and 67.2 are support zones as well as target zones for this short term bearish move. Reversal will happen above 68.8 only. Above it 69.4 and 70 are resistances. Rupee is taking small steps towards outperformance which is expected ahead. Currency traders use ‘in the money’ put option like 69 for buying and accumulation for big gains.