Currencies
Monday, August 08, 2011
Rupee
RUPEE: (Again at Breakout levels)
Can it be bottom triangle or triple bottom or ending diagonal is last leg of fall? As written on my previous view,
Rupee closed @$44.71 on 05/08/2011. It’s still trading in range of $44 to $45.50 levels. It’s now once again coming near breakout levels as per chart attached, it has breakout around $45.20 levels. Able to sustain above this level will lead to short term rally towards $46.
Medium term reversal is above $ 46.11 levels,
$43.85 is short tem reversal as well support levels.
Sustain above $46 (i.e-Also medium term reversal levels) will lead to further upward targets of $47 (38.2% retracement) levels & also further extension of rally till $49 in medium term (61.8% Retracement).
One should watch it out finally to break out of this range of last 9 months for final confirmation of short term reversal.
Rupee closed @$44.71 on 05/08/2011. It’s still trading in range of $44 to $45.50 levels. It’s now once again coming near breakout levels as per chart attached, it has breakout around $45.20 levels. Able to sustain above this level will lead to short term rally towards $46.
Medium term reversal is above $ 46.11 levels,
$43.85 is short tem reversal as well support levels.
Sustain above $46 (i.e-Also medium term reversal levels) will lead to further upward targets of $47 (38.2% retracement) levels & also further extension of rally till $49 in medium term (61.8% Retracement).
One should watch it out finally to break out of this range of last 9 months for final confirmation of short term reversal.
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