Currencies
Tuesday, January 07, 2012
Rupee
RUPEE: (Short term looks weak after strong rally)
Rupee did euphoria kind of rally as expected in last 2 months & achieved my targets as mentioned earlier (i.e-$53.30). It extended beyond targets levels & made all time high of $54.32 on 15\12\2011.
Rupee closed @52.67 on 07/01/12. Its daily & weekly KST both are in sell. It looks like short term weakness or pressure to continue in it further. It also closed below 20DMA on Fridays close (i.e. 06\01\2012). One should expect lower levels targets in rupee i.e. tgt1-52.10 (40DMA) & tgt2-51.40 (A=C) in coming days.
But in overall, it will trade in thin range of $50.94 to$53.94 for coming weeks.
It has strong resistance/reversal @ 54.32 levels for further Upside Trend.
One should expect range bound trade with short term down trend in rupee till its reverses.It has strong support @$50.94 levels
Rupee closed @52.67 on 07/01/12. Its daily & weekly KST both are in sell. It looks like short term weakness or pressure to continue in it further. It also closed below 20DMA on Fridays close (i.e. 06\01\2012). One should expect lower levels targets in rupee i.e. tgt1-52.10 (40DMA) & tgt2-51.40 (A=C) in coming days.
But in overall, it will trade in thin range of $50.94 to$53.94 for coming weeks.
It has strong resistance/reversal @ 54.32 levels for further Upside Trend.
One should expect range bound trade with short term down trend in rupee till its reverses.It has strong support @$50.94 levels
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Indian Rupee Exchange Rate