Currencies

RUPEE:
(RUPEE WILL FURTHER DEPRICIATE AGAINST USD IN SHORT TO MEDIUM TERM)

END OF SHORT TERM CORRECTION CUM CONSOLDATION IN RUPEE
TREND TOWARDS MEDIUM TERM TARGETS:
BEGINNING OF FINAL (WAVE-V OF C) UPWARD RALLY IN RUPEE:

Rupee closed @ 62.39 on 06.11.2013. It finally ended its short term correction or consolidation in wave-IV & confirmed short term reversal as per chart attached. It made a low of $60.93 levels. It found support around these levels & started to show trend reversal. It ended time wise correction cum consolidation in wave-IV but remain short to achieve my targets of $58.70 levels as expected below.

It managed to close above crucial resistance levels of $62 at the end of trading session. It looks like beginning of wave-V of C in Rupee towards medium term targets as expected. Risk reward is favorable to BUY at current levels.

One can BUY Rupee at cmp with SL-$61 for the target1-$68-$70 in short term & target2-$75 (equality target i.e. Wave-I= wave V) as per chart attached in medium term.

Rupee’s behavior will also play an important role for further trend of Equity market from medium term perspective. Therefore, one should closely watch out Rupee behavior at current levels of market.

Both short & medium term Trend is UP for Rupee. One should follow trend till it reverses.

$ 57 is crucial support/reversal level for Rupee from medium term perspectives at current levels of market.

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