USD INR weekly outlook 7 to 11 April 2014
USD INR daily chart technical analysis
USD/INR spot on last trading session closed at 59.71 with loss. On daily chart, US dollar is in downtrend against Indian rupee on sharp selling. Dollar is trading below major averages with strong bearish momentum.
For next week, USD INR support zones are 59.7 and 59.4 while on upside expect resistances at 60.6 which is 1 month average and 61.3 which is 3 month average.
On indicators and oscillators, CCI is -100 and off the low while, RSI is 35 and near oversold zone.
Traders here use 59.5 to 59.8 zones for long accumulation but with strict stop loss. On risk off trades, we may see dollar getting strong so pair will bounce back up to 61.3 in next week.
USD INR weekly chart technical analysis
USD/INR spot this week closed with loss. On weekly chart, this will be sixth losing session for US Dollar against Indian rupee. This week dollar rupee pair hit high at 60.39 while low was at 59.6. Total 80 paisa weekly swing or 1.5% range and closed with loss and heading towards 2 years average level.
From medium to long-term view, 58.2 and 57.55 are support zones. 57.55 is 2 years average level and last long-term bull trend support on weekly chart. On upside 60.2 is 12 month average level and first major resistance and above it 61.3 is 6 month average and next major resistance.
On indicators and oscillators, CCI is -268 and heavily oversold while RSI is 38 and heading towards 30 with bearish divergence.
Above 57.55, every major downside will be investing opportunity for targets 61-62.