USD INR forecast 16 to 20 June 2014

USD INR forecast 16 to 20 June 2014

USD INR daily chart technical analysis

USD INR spot on last trading session closed at 59.69 with gain. On daily chart, us dollar is recovered from lows and now near short-term trend breakout. On chart, usdinr has supports around 59.3 and then 58.8. On chart, 59.3 is pairs 1 week and 1 month average zone. On upside 59.8 and 60.5 are strong resistances. Daily chart indicators patterns are bullish and approaching overbought zones. Traders here watch closing above 59.8 and then go long for upside targets of 60.5 and above in next week. If gives negative closing below 3-month average then that will be fresh shorting opportunity with stop loss above 59.8.

USD INR weekly chart technical analysis

USD INR spot this week closed with gains. Us dollar after taking support just above its 2 years average is now moving towards its 12 and 6 month averages to test them. This week USD INR spot had made high at 59.81 while low was at 58.9. Total 90-paisa weekly range or 1.5% gains for us dollar. USD INR spot weekly chart price trend and momentum both are bullish. On upside 60 rupee is 12 month average and first resistance level and 60.35 is 6 month average and next resistance level. On downside 58 rupee is 2 years average level and major support zone for this long-term dollar uptrend. Investors above 58 must keep long view for us dollar vs. Indian rupee.

The Author

Pramod Baviskar

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