Dollar rupee future this week closed at 64.83 with huge gain. This was second weekly gain for US dollar against rupee, and this week we saw strong dollar buying on outflow. This week dollar rupee future hit high at 65.21 and recorded low at 64.07. Total 1.1 rupee very big range and strong gains for American dollar.
Dollar rupee on weekly chart is in downtrend but prices are recovering towards long term averages. On upside 65.35 is 20 weeks average level and prices are inching towards it on downside 64.55 is 20 weeks average level and below that 64.35 is 5 weeks average level and remain as support zones for dollar. RSI is now at above 50 with fresh long term buy signal while MACD is below zero with bullish crossover.
Dollar rupee future for September series opened strong and then given dip below 64.1 which was bull trap and then we saw sharp short covering waves after waves and dollar hit 64.45 and 64.75 bullish swing targets and hit 65.1 super bullish target and heading for 65.45 next super bullish target.
From long term view, dollar rupee currency future already achieved 2017 bearish targets of 66.4 and 64.75 and came above 64.75 zone after making low at 63.74 rupee and entered into recovery phase for 66.4 and 67.8 rupee levels. Expect these levels in longer term if US dollar sustain above 64.75 rupee levels. In last 7 month, dollar rupee pair given 4 negative closing while 3 are positive and now September big bull candle suggesting reversal for dollar. In September dollar hit low at 63.89 while high was at 65.21 total 1.3 rupee range and strong gains for dollar.