usdinr forecasts for 27 to 31 may 2013

usdinr daily chart technical analysis

usdinr spot or dollar against rupee closed at 55.79 with gains in last trading session.on daily chart after breakout at 54.3 we seen sharp short covering rally in us dollar.and made high near 56.

on above daily chart,we can see usdinr trading above all short term averages with great bullish momentum.on chart usdinr week average is 55.51 then 54.82 is month average and 54.49 is 3 month average and last support from short term.on momentum side looks some what overbought on daily chart.


usdinr weekly chart technical analysis

usdinr on weekly chart showing big gains in this week with bullish breakout. usdinr now trading way above medium to long term averages and heading towards previous highs made in may 2012.

on chart usdinr 6 month average is 54.42 and first support on downside then 53.85 is 12 month average and 52.25 is 2 years average and last support on downside.while on upside 57 is only top resistance remaining.on momentum indicators cci in overbought zone while rsi trending strong.

usdinr forecasts for 27 to 31 may 2013

for next week,usdinr outlook remain buy on dips.our given target of 56 achieved now look for 56.5 and then 57 but correction is due and after correction we may see same sharp run n usd as dollar index inching towards recent historic highs.

from medium term view 56 is achieved now expect 57 in upcoming weeks after some correction and consolidation.54.4 is re-entry level for new investors in longer term target of 60-62 is intact.if dollar index touched 90 as it is heading towards it we may see 62-65 levels here in india for usdinr spot.

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Pramod Baviskar

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