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The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah.The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
While acting upon any information or analysis mentioned on this website, investors may please note that neither Devang Shah nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. I may hold long or short positions in the securities/commodities discussed herein from time to time. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities.

Currencies


Wednesday, MARCH 15, 2017


  Rupee

RUPEE-
USD/INR
RUPEE
CMP-$65.69 (15.03.2017)- VIEW POINT

CONCLUDING MEDIUM TO LONG TERM BIG TREND REVERSAL:
COMPLETION OF FIVE ADVANCE RALLY WITH TRIPLE TOP AT RECENT HIGH:
RUPEE IS GOING TO APRRECIATE AGAINST USD IN MEDIUM TO LONG TERM PERSPECTIVES:
FIVE WAVE DECLINE FALL FROM TOP: SHORT TERM BOUNCE BACK CAN POSSIBLE BUT ANY KIND OF SHORT TERM PULL BACK RALLY IS SELLING & EXITNG OPPORTUNTIY FOR MEDIUM TO LONG TERM INVESTOR:

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Rupee closed @$65.69 as on 15.03.2017. As expected earlier it has achieved short term targets of around $66 levels in this correction near recent lows. It made a low of around $65.40 levels so far in this fall. It has finally broken crucial medium term support & Reversal levels of $66 as mentioned earlier, its final confirmation to conclude medium to long term reversal at current levels. Rupee is going to appreciate against USD for medium to long term perspectives.

As mentioned earlier about possibility of BIG TREND REVERSAL with completion of 5 wave advance rally as per quarterly chart attached with triple top around $69 levels. It can be completion of either wave-C or III as per chart attached but we are going to see major correction till $59-$58 in medium to long term perspectives. It can be time horizon of around 2-3 years.

Its 5 wave decline correction from recent high of $69 levels as per daily chart attached. It can further extend till $64 levels in case of further extension of correction from here on in short term. But any kind of short term pull back rally towards $67-$68 levels is selling & Existing opportunity for medium to long term investor.

Momentum indicators of daily/weekly & monthly charts, all are in sell at current levels showing weakness supporting overall view.

$ 64 is strong support levels for short term for any kind of pull back rally as per chart attached. Overall all medium to long term remain view remains down till it trades below $ 69 levels for positional Investor.

I have taken this view keeping in mind about (USD/INR) only.




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