USD INR weekly forecast report
USD INR daily chart analysis
usdinr spot or rupee against dollar closed at 54.97 with gains.on daily chart last candle was sharp reversal and breakout candle.
on chart,usdinr weekly average is 54.71,monthly average is 54.69 and 3 month average is 54.55.all these level now major supports and buyers zone from short term perspective.
on indicators side,usdinr daily cci is +68 and bullish with reversal signs and rsi is 54 with bullish divergence.indicate momentum is reversed on bullish side.
on upside 55.3 and 55.8 are resistances and target zone for next week.for jan expiry usdinr futures 55.7 to 56.1 are target zones while 54.7 is major support for now.
USD INR weekly chart analysis
usdinr spot on weekly chart,shows positive closing this week while larger view it is still going through consolidation phase in its bull market.
usdinr medium to long term trend still bullish and on chart usdinr 6 month average is 54.28 and taken support this time at same level and moved upward.below this 53.22 is 12 month or 52 weeks support level and in last 51.32 is 2 years average.all these are supports and buying areas for investors.
on indicators side,usdinr weekly cci is +28 and bullish divergence and rsi is +55 and showing same.
so long term trend and momentum both bullish and expect 55.9 and then 57 as target zones.
USD INR weekly outlook for 7 to 11 jan 2013
short term traders hold long and follow buy on dips strategy above 54.55 and expect targets at 55.3 and then 55.8.trend change expected below 54.5 on sustainable basis.
like this time after slipping below 3 month average dollar shown sharp reversal and major traders still trapped with short positions.
medium to long term outlook for rupee looks bearish n technical basis and next 3-4 month may show new lows against dollar if holds 54.28.on upside investors can expect 55.9 and then 57 in next 4-6 weeks time frame.54.2 remain as weekly closing basis stoploss level for them.