Dollar rupee weekly outlook 2 to 6 June 2014
Dollar rupee daily chart technical analysis
Dollar rupee spot on last trading session closed at 59.28 with gain. On daily chart, US dollar is in downtrend but recovering from lows or giving technical bounce back. Dollar is now trading above 1-month average and heading towards 3-month average with strong recovery pattern. For next week, Dollar rupee support zones are 59.2 and then 58.5; out of which 59.2 is its 1-month average level. On upside 60 rupee is 3 month average and major short-term resistance and above it 60.8 will be next strong resistance level.
Traders here above 59.2 keep long view for dollar and expect rally to extend up to 60 rupees.
Dollar rupee weekly chart technical analysis
Dollar rupee spot this week closed with huge gains and showing reversal signs on weekly chart. This week USD INR spot hit high at 59.31 while low was at 58.38. Total almost 1-rupee range and closed with sharp gains on short covering. On weekly chart look like Dollar rupee had taken support of its 2 years average and now heading towards 12 and 6-month average to test them. On downside, 58 rupee is 24-month average level and major long-term support zone and above it expects long-term uptrend of US dollar will remain intact. Below it, 57.5 will be next support level. On upside 60 rupee is 12 month average and first resistance on weekly chart and then 60.5 is 6 month average and next resistance level.
Investors above 58-rupee keep long view on US dollar expect 60 to 61 rupee levels in upcoming weeks.