Dollar rupee weekly report 5-9 May 2014
Dollar rupee daily chart technical analysis
Dollar rupee spot on last trading session closed at 60.03 with loss. On daily chart, Dollar rupee pair, price trend and momentum both are bearish on strong rupee and weaker dollar. Dollar is trading below short term averages with bearish divergences on indicators. From short-term view, Dollar rupee support zones are 59.6 and below it 59.1 while on upside 60.48 and 60.95 are strong resistances. 60.48 is 1-month average and 60.95 is 3-month average level.
On daily chart, CCI is -74 and heading towards -100 levels with bearish divergence and RSI is 41 and heading towards 30 with bearish divergence.
Traders below 60.95 keep sell on rise view for downside targets or buy simply in the money put options with strict stop losses in place.
Dollar rupee weekly chart technical analysis
Dollar rupee spot this week closed with loss. On weekly chart, USD/INR closed below 12-month averages with loss, which is very bearish sign. On upside 60.25 is 1 2month average and 61.05 is 6-month average and both will be strong resistances. While on downside 57.8 is 24-month average level and target for dollar in longer terms. Weekly chart, CCI level is -123 and heading towards -200 with bearish divergence. RSI is 42 and heading towards 30 with bearish divergence.
Investors below 60.25 keep short view on dollar and expect downside target of 57.8 in next 2-3 months period. Keep stop loss for short positions just above 61.05. Investors can also buy far month out of the money options to minimize exposure.