USD-INR TIPS for 28 Aug. to 1 Sep. week 2017
Dollar rupee future this week closed at 64.03 with loss. This was first weekly loss for US dollar against rupee, after previous 2 weeks gains. This week dollar rupee future hit high at 64.2 and recorded low at 64.02. Total 0.18 rupee very narrow range and profit booking in American dollar.
Dollar rupee on weekly chart is in downtrend and after bouncing back above 5 weeks average level of 64.16 now resumed downtrend and fall back below 5 weeks average level. On upside 64.66 is 20 weeks average level and above it 65.52 is 50 weeks average level and last resistance zone on weekly chart. RSI now heading lower after bounce back and at 34 while macd is below zero with bullish crossover.
Dollar rupee future for august series opened weak and continues downtrend. On downside 64 and then 63.74 were my bearish targets for this month which got achieved in only 2 sessions trading. above 64.74 level we saw sharp recovery in dollar due to equity market outflow and on reversal, dollar rupee pair hit 64.05 target and was heading for 64.58 rupee level and we saw high of 64.41 but now back below 64.05 and will had lower towards 63.72 and below.
On daily chart, dollar rupee future price trend is down and after bounce back momentum also resumed in direction of price trend. Dollar is now trading below all short term averages. 64.11 is 5 days average level and 64.18 is 20 days average level while 64.37 is 50 days average level and strong resistance on daily chart. Daily chart RSI is now at 40 with fresh sell signal and faced strong resistance around 50. MACD is below zero with topped out pattern.
From long term view, dollar rupee currency future already achieved 2017 bearish targets of 66.4 and 64.7 and now below 64.8 expect next long term bearish targets at 63.4 and 61.7.
In last 7 month, dollar rupee pair given 5 negative closing while 2 were flat positive closing suggesting weak dollar and stronger rupee from long term view. And now look like after bounce back dollar prices are heading lower towards bearish targets.