usd inr forecast for 5 to 9 aug 2013

usd inr daily chart technical analysis

usdinr spot pair last closed at 61.07 with heavy gains.on daily chart usdinr is in strong bull trend and buying momentum is on high as dollar sees demand.

on daily chart usdinr spot trading all above short term averages.on downside 60.5 is usdinr week average and first short term support on downside.below that 59.75 is usdinr month average while 58.4 is usdinr 3 month average level.and last short term support levels for now.

on daily chart,usdinr cci is +146 and with bullish divergence while rsi is at 64 and holding buy signal.


usd inr weekly chart technical analysis

usdinr spot this week closed with heavy gains.this week usdinr low was 59.06 while high was 2+ rupee rally in week which is almost 3%+ weakness in Indian rupee.

on weekly chart,after last 3 weeks correction dollar once again got momentum and now at all time high.major medium to long term averages still way down at 57 to 53.5 range while on upside expect 62.5 and then 65 as upcoming targets as well as resistance zone.

on weekly chart,usdinr cci is +137 and with bullish divergence while rsi is at 68 and heading towards 75.

usd inr forecast for 5 to 9 aug 2013

for next week,above 59.75 hold buy on dips view for target 61 and then 62.5 on upside.below 59.7 may go in correction/consolidation phase and may remain range bound to 58-60 zone.weak fundamental and fear of qe3 withdrawal keep us dollar speculatively long.

from medium to long term view,usdinr after dips on rbi twisting resumed uptrend and heading towards its long term target of 62.5-65 and 71.from current levels 3-4 rupee move is easily possible if us dollar remain in strong position.

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Pramod Baviskar

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