USDINR technical analysis for 19 to 23 May 2014

USDINR technical analysis for 19 to 23 May 2014

USDINR daily chart technical analysis

USDINR spot on last trading session closed at 58.56 with loss. On daily chart dollar is in absolute downtrend against Indian rupee but trending lower in oversold state. For next week, USDINR will have supports at 58.5 and then 57.9 while on upside 59.2 and 59.85 are strong resistances. 59.2 is week average level and 59.85 is 1-month average level. 60.5 is 3-month average and major resistance from short-term view below it keeps long view for rupee. Daily chart indicators patterns are bearish but oversold so expect technical short covering ahead after some consolidation.

Traders here expect limited downside for dollar and technical bounce back in more likely. So buy near 58 with strict stop loss for upside targets.

USDINR weekly chart technical analysis

USDINR spot this week closed with huge loss as market rallied and huge dollar inflow comes in. this was third losing week for dollar vs. rupee. In this week, USDINR spot hit high at 59.96 while low was at 58.49. Total 1.5-rupee range and closed with huge loss. On weekly chart, USDINR is heading towards its 2 years average level to test it. 57.9 is 2 years average level and below it, next major support will be at 56.8. On upside 60.15 and 60.8 are strong resistances. 60.15 is 12-month average level and 60.8 is 6-month average level. Weekly chart indicators are bearish but oversold so expect that USDINR will take support at its 2 years average level.

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Pramod Baviskar

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