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:
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, it’s 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
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:
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