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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

Friday, MAY 27, 2016

Rupee

RUPEE-
(USD/INR)
CMP-$67.03
SHORT TERM REVERSAL:
RUPEE TO APRRECIATE AGAINST USD IN SHORT TERM:
MEDIUM TO LONG TERM VIEW STILL REMAIN INTACT:

Click

Rupee closed @ $67.03 levels on 27.05.2016. It sharply bounced back after achieving my short term targets levels as mentioned earlier near recent lows of around $66.01 levels on 04.04.2016. It retraced around 61.8% in this pull back rally. It made a high of $ 67.77 levels on 24.05.2016.

It looks like bearish Head & shoulder pattern on Rupee. It has completed pull back rally near recent high as mentioned above. One can now expect Rupee to appreciate against USD in short term.

Momentum indicators on daily chart went in to sell. One can expect taregt1-$66 & target2- $64.90-$64.60 levels in short term as per chart attached.

Medium to Long term view for USD/INR still remained intact as mentioned below on 01.03.2016. Rupee is going to appreciate against USD from medium to long term perspectives till it trade below $68.90 levels & expecting further lower levels targets in medium to long term.

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