USD INR weekly forecast report
USD INR daily chart analysis
usdinr spot on last session closed at 55.06 with gains.on chart we can seen that dollar now bullish trend and trading above all short term averages.after dipping below major support dollar once again recovered against rupee.
on last top of 55.6 and 56 remain resistances from short term point of view.
usdinr spot weekly average is 54.83,below that monthly average is 54.65 and in last 54.5 is final 3 month average support level.these are fresh buying areas now and on corrections traders must enter long near it with stoploss.
on indicators side,usdinr daily cci is +49 with bullish divergence while daily rsi is 57 and with bullish divergence.both these suggest dollar in momentum and rupee losing strength.
USD INR weekly chart analysis
usdinr this week closed with huge gains.this week usdinr spot low point was 54.43 while high was 55.23 means almost 80 paisa or 1.5% move in week.means rupee tumbled by 1.5% in this week.
this was 2 nd week positive closing for dollar and that will raises high possibility of touching last tops and making news highs in future.
on weekly chart,usdinr 6 month average is 54.2 and 2 weeks ago we seen this pair taken support from that is strong factors for this rally.below that next support will be 53.10 which 12 month average and in last 51.2 is 2 years average and last support of this uptrend.
USD INR weekly outlook for 24 to 28 december 2012
short term traders stay long in usdinr with stoploss below 54.5 and expect 55.8-56 and 57 as target level.buying zone is 54.8 to 55.if slips below 54.5 and sustain then then possibly open for target of 53.1 but that will happen if any thing magical happen for rupee.if fiscal cliff worsen with time we may see 58-59 with no time!!
medium to long term traders also stay long in dollar with weekly closing basis stoploss below 54.2 and expect 56-57-58-59 as step-by step targets.
last time dollar given 2/3 correction of rally and taken support and if we compare same here then target comes around 60-61.