Currencies

Thursday, February 09, 2012


  Rupee

RUPEE: (Be Alert @ This Levels)


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Rupee closed @ 49.06 on 08/02/2012. It has achieved short term targets as expected. It made low of $48.60 on 06\02\2012 near short term targets levels /support zone of $48.50 levels as mentioned earlier on 27/12/2012.

It managed to give daily positive with daily KST is in BUY from these levels. Its positive outlook for short term. One can expect pull back from these levels for the tgt1-$49.80 to tgt2-$50.60 levels in short term. Weekly Positive close above $48.60 tomorrow will fianlly confirm short term reversal. This implies that Rupee will weaker against USD($) in short term

$48.50 is also 40WEMA ( strong support) as mentioned earlier. Monthly KST of Rupee is still in BUY stating Rupee will further weaker against USD($) in medium term.
Overall preferred count as per chart attached also stating wave-(II) in Rupee may gets over @$48.50 ( as an expanding Flat pattern), but still further additional eveidence will only confirm medium term trend.

Breach below $48.50 levels ( support zone) will lead to sharp fall in Rupee till $47 levels.
But One should keep SL-$48.50 for short term Pullback & Be Alert @ this levels for Medium term Trend till low of $48.50 holds.






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