usdinr daily chart technical analysis
usdinr spot pair last closed at 62.47 with heavy gains.on daily chart usdinr or dollar rupee pair trend and momentum strong bullish.
on daily chart,usdinr spot pair week average is 61.65 and first support on downside.below that 60.7 is month average and in last 59.2 is usdinr 3 month average and last support for short term traders.on upside 62.5 and then 64-65 are upcoming targets as well resistances.
on indicators,usdinr cci is +156 and still holding bullish divergence and heading towards +200.rsi is at 67 and moving towards 80.
usdinr weekly chart technical analysis
usdinr this week closed with gains.this week usdinr spot low was 60.35 while high was 62.47.total 2.15 rupee rally in week from lows which is almost 3.5% weakness in rupee in very short span.after last week some correction and consolidation dollar set for new bull run?
on weekly chart,usdinr 6 month average is 57.7 is first support on downside.below that 56 is 12 month average and 53.8 is usdinr 2 years average and most import level to watch from investment view and re-entry.
on upside 65 and 72 are long term target for this rally if holds 56 levels for next 1-2 months.
on indicators,usdinr cci is +141 and off the highs while rsi is at 69 and with bullish divergence.
usdinr forecast for 19 to 23 aug 2013
for next week,above 61.5 hold long view for target 62.5 which is almost achieved then 64-65 on upside.but here trade with strict stoploss in system as rbi overnight action may show high volatility on up and downside as well.
from medium to long term view,usdinr almost achieved 62.5 and now 65 will be next target and then 72 on upside.but at current level risk reward is not favorable.near 58-59 investors must try to enter long for same targets.if hold above 62.5 for more than week then expect 65 and then 72 as upside medium term targets.