USDINR forecast for week 21 to 25 April
USDINR daily chart technical analysis
USD/INR spot on last trading session closed at 60.29 with gain. On daily chart USDINR, spot price trend is down but momentum is on recovery side. Pair is trading below 1 and 3 month averages with bullish divergences on indicators. From short-term view, USDINR support zones are 60 and 59.6 while on upside 60.4 is 1-month average and first resistance. Above it 61 is 3-month average and major resistance on daily chart. Daily chart indicators and oscillators are off the lows and with bullish divergences.
Traders below 61 keep sell on rise view for USDINR. On downside, 60 and 59.6 will remain as targets.
USDINR weekly chart technical analysis
USD/INR spot this week closed with loss. This week USDINR spot hit high at 60.54 while low was at 60.14. Total 40 paisa or almost 1% range and closed with loss as rupee once again recovers from lows. Weekly chart price trend is bullish but momentum is weaker for dollar as correction phase continues.
From medium to long-term view, USDINR support zones are 60.2, which is 12-month average, and below it 57.7 is 2 years average level. On upside 61.15 is 6 month average and first resistance and above it 62.2 is next resistance. On weekly, chart CCI off the oversold zone but still in bearish zone while RSI is bearish and heading towards 30.
Here expect correction to continue and USDINR may test major averages in upcoming weeks.