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USDINR weekly outlook for 31 dec to 4 jan 2013

USDINR daily chart analysis

usdinr spot or rupee against dollar closed at 54.75 with loss on last trading session.on daily chart usdinr still holding uptrend and bullish trading above short term averages and daily indicators also showing bullish signs.

usdinr spot weekly average is 54.83 while monthly average is 54.71 and in last 54.54 is 3 month average and last support for this uptrend.

usdinr daily cci is +36 with bullish divergence while rsi is 51 with same.

above 54.54 we still expect 55.15 to 55.65.if closed below 54.54 then exits from long and take new short positions .on downside 54.2 and 53.55 will be targets if sustain below 54.54.


USDINR weekly chart analysis

usdinr spot on weekly chart showing negative closing this week.on weekly chart trend and momentum is still in favor of dollar.after taking support of 6 month average in nov ,dollar now showing some correction but long term uptrend still there.

on indicators side,usdinr weekly cci is +34 with bullish divergence.while weekly usdinr rsi is 54 and still bullish.

on downside 54.23 is first support which is 6 month average.below that 53.15 is 12 month average and in last 51.24 is 2 years average.all these are buyers zones.

on upside if trend continues then expect 55.8 and them 57 are medium to long term targets.

USDINR weekly outlook for 31 dec to 4 jan 2013

short term traders those having long must keep stoploss below 54.54 spot on closing basis.while fresh buying suggested at 54.54 with stoploss for again 55.15 to 55.65.

if sustain below 54.54 on account of strong rupee then expect 54 to 53.55 on downtrend.

for medium to long term traders,54.23 buying zone and still hope of 55.8 and then 57 is still there. below 54.23 may goes in long term correction mode.