USD INR weekly tips 14 to 18 April 2014
USD INR daily chart technical analysis
USD/INR spot on last trading session closed at 60.29 with loss. On daily chart, dollar is in downtrend against rupee and trading near lows with bearish momentum. Recovery from lows was seen on technical bounce back but once gaining facing supply from market near month average.
For next week, dollar rupee supports zones are 59.8 and 59.4 while on upside resistances are 60.45 and 61.15. Indicators are with bullish divergences but in bearish zone.
Traders below 60.5 keep bearish view dollar and expect downside targets of 59.8 and 59.4 in next week.
USD INR weekly chart technical analysis
USD/INR spot this week closed with gains. This week dollar-rupee pair hit high at 60.41 while low was at 59.67. Total 80 paisa or 1.5% weekly swing and closed with gains as dollar sees recovery and shorts covering from lows.
On weekly chart, pair is just closed above its 12-month average. On upside 61.25 is first major resistance of 6-month average and then 63 will be next resistance of previous swing top. On downside 60.2 is 12-month average and below it 57.65 is 2 years average level and last support from long-term view.
Indicators are bearish and in oversold zones. Investors must watch next week closing. If above 60.2 then expect technical short covering up to 61.25 and if below 60.2 then expect downside up to 57.7.