World Market Watch
Study Charts

Disclaimer
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


Tuesday, January 31, 2016


  Rupee

RUPEE-
USD/INR

CMP-$67.87 (31.01.2017)

CONCLUDING SHORT TERM REVERSAL:
WILL IT BE END OF 5 WAVE ADVANCE RALLY WITH TRIPLE TOP????:
RUPEE IS GOING TO APRRECIATE AGAINST USD IN SHORT TERM:
WAITING FURTHER MORE CONFIRMATION TO FINALLY CONCLUDE MEDIUM TERM REVRSAL:


Click

Click
Rupee closed @$67.87 as on 31.01.2017. It traded in very thin range from last 7-8 weeks. It made a high of $68.49 levels. It broken out on down side after this consolidation stage as per daily chart attached. I expected it to move towards $71 in short term after sharp rise from bottom of around $66 levels But It failed to show momentum & started to trend further down, is not good sign in short term. One can expect it to go down towards tgt1-$67 & tgt2-$66 levels in short term. Conclusively, itís going to appreciate against USD in short term.

It can be end of 5 wave advance rally as per quarterly chart attached with triple top around $69 levels. I am throwing this possibility for medium term perspectives as BIG TREND REVERSAL but waiting for more evidences to finally conclude the same. But levels wise till it holds $66 levels, medium term trend is still UP for Rupee.

Momentum indicators of daily/weekly & monthly charts, all are in sell at current levels showing weakness. One can sell USD/INR at CMP-$67.87 with SL-$69 for the tgt1-$67 & tgt2-$66 in short term. Risk reward is favourable to sell at current levels.

I will watch out Rupee behaviour at lower levels around $66 levels to determine medium to long term trend for USD/INR till that one should be cautious & Long trader should book profit at current levels









Next Page         Previous Page
Back to TOP
Copyright © 2010.http://www.TrendTechno.com ALL RIGHTS RESERVED.