Dollar rupee daily chart technical analysis
Dollar rupee spot on last trading session closed at 61.22 with loss. On daily chart, USDINR price trend and momentum both down as US dollar remain soft worldwide. Prices are trading below month and 3-month average with recovery patterns on indicators. For next week, 61.6 and 61.9 are strong resistance level while on downside 61 and 60.6 are support as well as target zones.
By risk reward view, going short near resistance with strict stop loss will be best USD INR trading strategy for the week.
Dollar rupee weekly chart technical analysis
Dollar rupee spot this week closed with flat loss. On weekly chart, USD INR price trend is bullish but momentum-turning weak as profit booking hit the market. Pair still trading above its 12-month average of 60.2 and below that 57.5 is its 2 years average zone and major long term support zone. On upside 61.6 is 6 month average zone and strong resistance and above that 62.8 will be next major resistance level of previous top.
Weekly chart indicators pattern are bearish and suggesting in upcoming weeks US dollar continue its correction and test major support levels on downside.