Currencies
WEDNESDAY, NOVEMBER 04, 2020
Rupee
Rupee
USD/INR
RUPEE
CMP-$74.67 (04.11.2020)- VIEW POINT
Rupee closed @$74.67 as on 04.11.2020. It looks like,it has completed wave-d or IV in this short term correction as per chart attached. It made a low of $72.92 in this correction. It managed to find support at lower levels & started to rally further.
It has strong support/Reversal around $74 levels, till it holds one can expect it to rally towards $75.50/$76 levels in short term.
Altenatively, Break of $74 levels in short term, may open up possiblity to touch recent low of $72.92 & $ 72 levels in short term.
From medium term perspectives, one can expect higher levels targets till $78/$79 levels till it holds above $72 levels.We may see consolidation between $72-$75 levels in short term for some more time if it furhter closing below $ 74 levels in short term
Momentum indicators of daily/weekly charts are in BUY supporting short to medium term trend.
Conclusively, as per earlier view, reiterating once again & expecting $$$$ to become strong against Rupee particularly from medium term perspectives till it reverses.
USD/INR
RUPEE
CMP-$74.67 (04.11.2020)- VIEW POINT
LOOKS END OF CORRECTION IN USD/INR:
TREND TOWARDS MEDIUM TERM TARGETS LEVELS:
REITIRATING ONCE AGAIN & EXPECTING $$$ TO BECOME STRONG AGAINST RUPEE FOR SHORT TO MEDIUM TERM PERSPECTIVES.
It has strong support/Reversal around $74 levels, till it holds one can expect it to rally towards $75.50/$76 levels in short term.
Altenatively, Break of $74 levels in short term, may open up possiblity to touch recent low of $72.92 & $ 72 levels in short term.
From medium term perspectives, one can expect higher levels targets till $78/$79 levels till it holds above $72 levels.We may see consolidation between $72-$75 levels in short term for some more time if it furhter closing below $ 74 levels in short term
Momentum indicators of daily/weekly charts are in BUY supporting short to medium term trend.
Conclusively, as per earlier view, reiterating once again & expecting $$$$ to become strong against Rupee particularly from medium term perspectives till it reverses.