USDINR weekly analysis for 28 April to 2 May 2014

USDINR weekly analysis for 28 April to 2 May 2014

USDINR daily chart technical analysis

USDINR spot on last trading session closed at 60.62 with loss. On daily chart, dollar is in downtrend against Indian rupee. On last session, pair touched its 3-month average and resumed primary trend. That was sell signal and in upcoming session expect downside for us dollar. For next week, USDINR support zones are 60.5, which is 1-month average, and below it, 59.8, which was previous, swing low. On upside 61 is 3 month average and strong resistance and above it 61.5 will be next strong supply zone.

On indicators, CCI is at +143 and off the highs. RSI is at 50 and with bearish divergences.

Traders below 61 keep short view and expect targets of 60.5 and then 59.8 in next week.

USDINR weekly chart technical analysis

USDINR spot this week closed with gain. On weekly chart, dollar is closed above its 52 weeks average level with gains, which is bullish sign. From medium to long-term view, 60.25 is first support on downside, which is its 52 weeks average level, and below it 2 years average support level now moved at 57.75. On upside 61.1 is 6 month average and first resistance level and above it 62.2 is next resistance level of previous top.

On indicators, CCI is at -90 and off the lows while RSI is 46 and heading towards 50 with bullish divergence.

Investors above 60.25 keep long view for us dollar but as technical picture is still in favor of rupee we may see breakdown below 60 rupee once gain and rupee may show 58 levels to dollar.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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