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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, FEBRUARY 26, 2021


  Rupee

Rupee

USD/INR
RUPEE
CMP-$74.15 (26.02.2021)- VIEW POINT

SHARP REVERSAL FROM MEDIUM TERM SUPPORT LEVELS::

TREND TOWARDS MEDIUM TERM TARGETS LEVELS:

EXPECTING $$$ TO BECOME STRONG AGAINST RUPEE FOR SHORT TO MEDIUM TERM PERSPECTIVES:


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Rupee closed @$74.15 as on 26.02.2021. It holds & sharply reversed from medium term support levels of $72.30 as mentioned & expected earlier as per chart attached. One should expect $$$ to become strong in short to medium term till it holds above these support/reversal levels.

One can expect to trend towards $75.50 to $ 75.80 levels in short term.

And from medium term perspectives, one can expect higher levels targets till $77/$78.50 levels till it holds above $72.30 levels. It will be last & final push of USD/INR from overall wave counts perspectives as per chart attached.

$72.30 is strong support/Reversal levels as of now for USD/INR for short to medium term perspectives for this view.

Momentum indicators of daily/weekly charts are in BUY supporting short to medium term trend.

Conclusively, USD/INR to depreciate in short to medium term perspectives for higher levels targets till it reverses.



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