usdinr forecast for 17 to 21 june 2013

usdinr daily chart technical analysis

usdinr spot pair on last trading session closed at 57.54 with loss.

on daily chart,dollar rupee pair is uptrend and now coming down on account of correction.on chart usdinr week average is 57.7 and now act as resistance on upside while this time top is created at 58.4 which is strong resistance above week average.on downside 56.65 is usdinr month average and first major support on downside.55.5 is usdinr 3 month average last support from short term view.

on daily chart,usdinr cci is +103 and off the highs while rsi at 67 and off the highs.so momentum now cooling off and entered into correction phase?

usdinr weekly chart technical analysis

usdinr pair this week closed with gains.this week we seen new high and high volatility.this was 5 th week of gains for dollar against weak rupee.this week usdinr hit high at 58.9 while low was 57.06.total almost 2 rupee rally and closed with some correction.

on weekly chart,all major averages are 55 to 52.6 zone and way below.while on indicators on weekly chart shows usdinr cci is +378 and heavily overbought while rsi is 63 with bullish divergence.

usdinr forecast for 17 to 21 june 2013

for next week,below 57.7 on closing basis we may see correction may continue as rbi stepped in.but if close above it then possibly this was breather and usdinr heading towards 60.

from medium to long term view momentum is strong bullish for dollar and heading towards 60.but indicators still overbought so stay long with strict stoploss.rbi interventions and support from equity market may show sharp correction here upto supports.

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Pramod Baviskar

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