Currencies
Friday, JUNE 28, 2018
Rupee
Rupee
USD/INR
CMP-$68.83 (28.06.2018)- VIEW POINT
SURPRISE PENDING WAVE-V:
AT UPPER END OF RANGE BUT STILL NOT COMPLETELY OUT:
LOWER END OF RANGE SUPPORT TO WATCHOUT FOR FINALLY CONCLUDE OVERALL TREND REVERSAL:
Rupee closed @$68.83 on 29.06.2018. It has made fresh all time high around $69.09 levels. It significantly depriciated in past 5 months against USD. By looking at speed, It looks like surprise pending wave-V from wave count perspectives as per chart attached which reached upper end of the range as per chart attached. It has strong resistance around $69.25 levels as per chart attached. Till it holds it looks like its still not completely out as per my earlier view & We can still see Rupee to depriciate, if it holds these levels from medium to long term perspectives.
Techanically, Over all Trend remains UP, till it holds support of around $66.83 levels . It may spend time within this range of $69.25- $66.83 levels before decesive breakout at either of side from medium term perspectives. Sustain above $69.25 levels will open up possibility of $72-$72.50 levels from medium to long term perspectives.
But by looking at past instances, I have still view that we may see sharp correction from these upper end of range in USD/INR unlike earleir instantces as per chart attached. And if it turns out to be true then we may see sharp rally in equity makret from current levels.
Normally we have seen inverse corelration between indian Equity Market & USD/INR. In 2013, 2016 both instances we have seen sharp rally or long term bottom in indian equity market when USD/INR at near all time high levels.
So, One should watchout these correlation is working this time or not at these levels. Sustian below $66.83 levels will finally confrim end of these wave-V rally in USD/INR till taht one should watchout its behavior at these crucial levels.
USD/INR
CMP-$68.83 (28.06.2018)- VIEW POINT
SURPRISE PENDING WAVE-V:
AT UPPER END OF RANGE BUT STILL NOT COMPLETELY OUT:
LOWER END OF RANGE SUPPORT TO WATCHOUT FOR FINALLY CONCLUDE OVERALL TREND REVERSAL:
Techanically, Over all Trend remains UP, till it holds support of around $66.83 levels . It may spend time within this range of $69.25- $66.83 levels before decesive breakout at either of side from medium term perspectives. Sustain above $69.25 levels will open up possibility of $72-$72.50 levels from medium to long term perspectives.
But by looking at past instances, I have still view that we may see sharp correction from these upper end of range in USD/INR unlike earleir instantces as per chart attached. And if it turns out to be true then we may see sharp rally in equity makret from current levels.
Normally we have seen inverse corelration between indian Equity Market & USD/INR. In 2013, 2016 both instances we have seen sharp rally or long term bottom in indian equity market when USD/INR at near all time high levels.
So, One should watchout these correlation is working this time or not at these levels. Sustian below $66.83 levels will finally confrim end of these wave-V rally in USD/INR till taht one should watchout its behavior at these crucial levels.