USD INR trend analysis 26 to 30 May 2014

USD INR trend analysis 26 to 30 May 2014

USD INR daily chart technical analysis

USD INR spot on last trading session closed at 58.42 with gain. On daily chart, us dollar is in absolute downtrend against rupee and trading near fresh lows. For next week, USD INR spot support zones are 58.4 and 57.5 while on upside expect resistances at 59.35 and 60.2. 59.35 is 1-month average level and 60.2 is 3-month average level. Daily chart indicators are bearish but deeply oversold.

Here for me downside looks limited so keep contra view and follow buy on dips view. With stop loss below 57.5 and expect technical bounce back up to 59.35 in next week.

USD INR weekly chart technical analysis

USD INR spot this week closed with loss. This was forth losing week for US dollar against rupee. In these 4 weeks period rupee appreciated from 61 to 58.5 rupees. This week, USD INR spot hit high at 58.84 while low was at 58.22. Total 62-paisa weekly range or 1.5% volatility and closed with loss. On weekly chart pair trend is bullish but momentum is bearish that why pair is heading towards its 2years average level to test it. From medium term view, 57.8 and 56.8 are strong support zones on downside, out of which 57.8 is its 2 years average level. on upside 60 rupee is 12 month average and first resistance and then 60.6 is 6 month average and next resistance. Weekly chart indicators patterns are still bearish but deeply oversold so bounce back is due ahead.

Investors must watch 2 years average level for fresh long term long or short positions.

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Pramod Baviskar

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