Dollar rupee future this week closed at 64.18 with gain. This was fourth weekly gain for US dollar against rupee, but prices are stuck in very narrow range possibly on RBI’s intervention. This week dollar rupee future hit high at 64.23 and recorded low at 64.03. Total 0.2 rupee very narrow range and some gains for American dollar.
Dollar rupee on weekly chart is in downtrend and after bouncing back above 5 weeks average level now resumed downtrend and fall back below 5 weeks average level. On upside 64.2 is 5 weeks average level and above it 64.62 is 20 weeks average level and at last 65.5 is 50 weeks average resistance zone on weekly chart. RSI is now at 37 and flattened out while MACD is below zero with bullish crossover.
Dollar rupee future for September series opened strong and trading above support of 64.1 rupee. if sustain above 64.1 then expect bullish trend and upside targets of 64.45 and then 64.76 but daily chart indicators suggesting downside for dollar. If slips below 64.1 rupee support then expect bearish targets for dollar at 63.78 and then 63.42 rupees.
On daily chart, dollar rupee future price trend is down and trading below 50 days average of 64.33 and around 64.1 and 64.2 averages of 5 and 20 days average levels. Daily chart RSI is now at 48 and facing strong resistance at 50 level. MACD is below zero with bullish crossover.
From long term view, dollar rupee currency future already achieved 2017 bearish targets of 66.4 and 64.75 and now below 64.75, US dollar is trading in super bearish zone and will head lower for targets 63.3 and then 61.7 rupee.
In last 7 month, dollar rupee pair given 4 negative closing while 3 are flat positive suggesting weak dollar and stronger rupee from long term view. And below 64.75 remain sell from long term view big downside targets.