Currencies
Monday, March 11, 2013
Rupee
RUPEE: (FAULTER FROM MEDIUM TERM REVERSAL LEVELS)
FACT TO BE UNDERSTOOD AT CURRENT LEVELS:
Rupee closed at $54.35 levels on 08.03.2013. It made a high of $55.13 on 04.03.2013 nearer medium term reversal levels as mentioned earlier (i.e. - $55.50).
It started to fall sharply from these levels.
By looking as per chart attached, it looks like triangular pattern. It can be interpreted both BEARISH & BULLISH subject to Analyst. BUT one Fact is that we are going to see SHARP TRENDING DIRECTION IN (USDINR) currency in medium term very soon at either of side, as & when this accumulation/distribution pattern finally gets over.
If it’s BEARISH TRIANGLE, then we made a TOP at recent high & we are heading for lower levels targets in medium term (i.e. - target1-$51.60 & target2-$50).
On the other end, in case of BULLISH TRIANGLE, We are forming last leg of Triangle (i.e.- wave-E) that has target in the range of $53.-$53.40 in short term.
Close below $54.20 will confirm Trend towards short term targets levels as mentioned above.
$53-$53.40 is strong support zone for short term & also conclusive for medium term view. This time it has to break these levels or else medium term view will be definitely under question mark.
Monthly KST is still in sell supporting medium term down Trend. It has strong Resistance $55.50 levels, Surpass above it will also finally conclude about medium term Reversal.
One should watch out break of these ranges (i.e. - $53-$53.40 on lower side & $55.20-$55.50 on higher side) for further SHARP TREND with Momentum at either of side.
Break out from resistance zone range above $55.20-$55.50 will lead to complete new territory for RUPEE for higher levels targets.
FACT TO BE UNDERSTOOD AT CURRENT LEVELS:
It started to fall sharply from these levels.
By looking as per chart attached, it looks like triangular pattern. It can be interpreted both BEARISH & BULLISH subject to Analyst. BUT one Fact is that we are going to see SHARP TRENDING DIRECTION IN (USDINR) currency in medium term very soon at either of side, as & when this accumulation/distribution pattern finally gets over.
If it’s BEARISH TRIANGLE, then we made a TOP at recent high & we are heading for lower levels targets in medium term (i.e. - target1-$51.60 & target2-$50).
On the other end, in case of BULLISH TRIANGLE, We are forming last leg of Triangle (i.e.- wave-E) that has target in the range of $53.-$53.40 in short term.
Close below $54.20 will confirm Trend towards short term targets levels as mentioned above.
$53-$53.40 is strong support zone for short term & also conclusive for medium term view. This time it has to break these levels or else medium term view will be definitely under question mark.
Monthly KST is still in sell supporting medium term down Trend. It has strong Resistance $55.50 levels, Surpass above it will also finally conclude about medium term Reversal.
One should watch out break of these ranges (i.e. - $53-$53.40 on lower side & $55.20-$55.50 on higher side) for further SHARP TREND with Momentum at either of side.
Break out from resistance zone range above $55.20-$55.50 will lead to complete new territory for RUPEE for higher levels targets.
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