usdinr forecast for next week 1 to 5 jul 2013

usdinr forecast for next week 1 to 5 jul 2013

 

usdinr daily chart technical analysis

usdinr spot pair last closed at 59.49 with loss.on daily chart dollar rupee pair still is strong uptrend but momentum is losing out as profit booking in overbought continue.rbi also stepped in actively.

on daily chart,usdinr week average is 59.78 and below this correction may continue.temp top is formed at 60.5 and remain as strong supply zone in short term view.below week average,usdinr month average is 58.38 while 3 month average is 56.58 and last support from short term view.

trend and momentum indicators also supporting correction rally.as they are coming off from overbought zones.

 

usdinr weekly chart technical analysis

usdinr spot pair in this week closed with gains but lost most of the on correction.this was 8th week of gains for dollar against rupee.this week usdinr high was 60.71 while low as 59.22.total almost 1.5 rupee week volatility and dollar still trending strong.

all major medium long term averages are 56-53 range and way down.on upside 60.5 is major top.if rupee fundamental continue to improve then we may see usdinr pair testing 56 level on correction.

overbought cci is now off the highs and support correction for next 2-3 weeks time frame.

usdinr forecast for next week 1 to 5 jul 2013

for next week,58.5 is major support to watch if breaks below that 57 to 56 levels are possible in medium term.while on upside 59.8 remain as reversal point for all long traders.those bought lower level must keep closing basis stoploss below 58.5 and expect 61 to 62.5 on upside.

from medium to long term view,correction is inevitable.on downside 55-56 is best re entry point with target 60 and 62.5.as it was one side rally correction tends to sharp like rallies.

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