Dollar to rupee forecast for 2 to 6 sep 2013

Dollar to rupee daily chart technical analysis

Dollar to rupee or USDINR spot on last trading session closed at 66.62.on daily chart usdinr trend is still up but momentum now fizzling out on profit booking.

on daily chart,usdinr week average is 66.39 and first support on downside.below that 63.6 is month average and 60.9 is 3 month average and major short term supports.on upside 68 is top and major resistance on daily chart.

on indicators side,usdinr cci on daily chart is at +132 and coming down from overbought zone.while rsi is at 71 and also showing signs of upcoming correction.


Dollar to rupee weekly chart technical analysis

usdinr spot this week closed with gains but lost significant gains on profit booking.this was straight 3rd week of big gains and these 3 week rallied from 61 to top of 69 and closed at 66.6.

on weekly chart trend and momentum both strong bullish for dollar.all major medium to long term averages are way down in 59-54 range.on upside 68 and 70 remain as strong supply points or psychological resistances for this pair.

on indicators,usdinr cci is +223 and still hovering in overbought zone.rsi is at 76 and trending towards 80.

Dollar to rupee forecast for 2 to 6 sep 2013

for next week,66.3 is support for usdinr below that expect deeper correction upto 64-63.but till then traders can hold long positions for targets of 68-70 on sep started we may see dollar index boost on speculation of qe3 withdrawal so rupee remain to under pressure on global pressure.

from medium to long term view,68 is achieved below that 62 is major support.above 68 we may expect 70-72 as targets for medium term another panic situation rupee may fall upto 75-76 levels.but for now i expect some consolidation and correction here and then another demand rally for soon as actual qe3 tapering start we may see another bout of rally here may be upto 75-78 zone?

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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