dollar to rupee daily chart technical analysis
dollar to rupee spot pair last closed at 56.56 with gains.on daily chart we can see after breakout at 54.4 dollar rallied one sided without correction. suggest weak rupee fundamentals as well as demand of dollars rising in market.
on daily chart,us dollar is strong bullish against rupee and trading way above all averages.on downside 56.23 is week average and first support while 55.33 is month average and 54.75 is 3 month average and last support of this rally for now.on indicators dollar to rupee looks overbought but underlying momentum still strong.
dollar to rupee weekly chart technical analysis
dollar to rupee on weekly chart showing continuation of breakout given in last week.this week closed with huge gains and closed near highs.this week dollar to rupee made high at 56.7 while low was 55.52 total 1.2 rupee week move and strongest dollar.
technically on weekly chart us dollar is in absolute uptrend and momentum is bullish on both buying as well as trapped shorts.in last 4 weeks time frame rupee tumbled by almost 2.7 rupees against dollar.
dollar to rupee 6 month average is 54.58 and 12 month average is 53.95 and in last 52.35 is 2 years average.while indicators side dollar to rupee on weekly chart now seems to overbought so expect correction/consolidation and then again rally.
dollar to rupee forecast for next week 3 to 7 jun 2013
for next week,dollar to rupee outlook remain bullish but strategy remain buy near supports on correction.rbi interventions also expected here as rupee touching 57.after consolidation expect 57 and then 57.5 in short terms.
from medium to long term view,dollar to rupee looks overbought so expect correction as well consolidation here and then watch for breakout above 57.this fresh move on weekly chart has targets at 60-62 levels.on downside 54 is crucial level to watch.targets near 60-62 are expected next 8-12 weeks time frame here.