Rupee weekly technical outlook for 9 to 13 Jan 2017

euro Rupee weekly technical outlook for 9 to 13 Jan 2017

Eur inr weekly-below 72 remain bearish tgt 70.4 and below

Euro rupee future this week closed at 72.18 with gain. This was second week of gain for euro against Indian rupee. In these 2 weeks euro recovered from lows of 70.7 to high of 72.3. Total 1.6 rupee or almost 2% plus gains for euro.   Euro rupee is in technical bounce back rally and look like this was last week. From next week, expect downtrend to resume ad below 72 on daily closing basis, euro will once again breakdown for big downside targets. For next week, below 72 currency traders keep sell on rise view for target of 70.4 and below. If sustain above 72 for 2-3 trading session that confirm short term uptrend for euro for target 73.3.   Eur inr long term chart suggesting deep downside for euro in 2017 and my targets are 68.7 and 66 rupees. pound Rupee weekly technical outlook for 9 to 13 Jan 2017

Gbp inr weekly-almost hit my target 84.6 this week

Pound rupee future this week closed at 84.3 with gain. This was second weekly gains for pound against rupee and in these 2 weeks pound rallied from low of 83.2 to high of 84.5. Total 1.3 rupee or 1.5% gains in 2 weeks.   Gbp inr future is bearish and bouncing back towards resistance of 84.65 to test it. Which might over in this week. For next week, pound remain sell below 84.65 and traders can expect downside target of 82.25 and below in next week. If pound sustain above 84.65 for 2-3 trading session then only it confirm uptrend for pound against rupee. Daily chart price pattern as well as indicators are bullish but at resistance levels.   Gbpinr long term chart are bearish and pound is in absolute downtrend against rupee. For 2017, pound is heading towards 76.5 target. Below 88.5 gbp will remain weak and sell on rise for long term investors. yen Rupee weekly technical outlook for 9 to 13 Jan 2017

Jpy inr weekly-hit 58.9 target now expect downside

Yen rupee future this week closed st 58.76 with gain. This was third weekly gain for yen against rupee. We saw recovery rally from lows of 57.5 to high near 59. Total 1.5 rupee or almost 3 % gains for yen from bottom.   Jpy inr future is in recovery phase in downtrend and look like this week was last week of upside move. Below 58.95, yen will remain weak and sell for target of 56.8 and below. If jpy inr sustain above 59 rupee for 203 trading session then that signals uptrend for yen in January series.   Yen rupee long term chart are bearish and showing absolute downtrend for yen. On upside 60.7 is major hurdle for yen and below it expect deep downside for yen in 2017 and my targets are 52.5 and then 46.65. dollar Rupee weekly technical outlook for 9 to 13 Jan 2017

Usd inr weekly-above 68 keep long view for target 68.7

Usd inr future this week closed with loss. Rupee seeing some value buying on lower levels and after last week sharp fall recovering from lows on RBI action.   Usd inr future above 68 rupee level remain bullish means weak rupee and strong US dollar. On upside my target is at 68.7 and might show this target in this week. Usd inr future on weekly chart is in higher tops and bottom cycle and this time expect fresh top above 68.94. If usd inr sustain below 68 for 2-3 trading sessions then expect rupee breakout for targets 67.45 and below.   For long term, usd inr above 67.7 on weekly closing basis remain bullish and buy for target 69.4 and above in 2017.

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Pramod Baviskar

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