Currencies
Monday, January 12, 2015
Rupee
RUPEE:
FALSE BREAKOUT:
SHORT TERM OUT LOOKS REMIANS NEGATIVE:
RUPEE LOOKS STRONG AGAINST USD IN SHORT TERM:
MEDIUM TERM OUT LOOKS RANGE BOUND:
LONG TERM OUTLOOK OF WEAK RUPEE IS STILL INTACT:
Rupee closed @$62.16 levels on 12.01.2015. It failed to sustain above $62.30 levels after breaking range on up side. It made a high of $63.88 on 17.12.2014. It once again entered in to break out territory indicating false breakout as per chart attached. It has also broken crucial Trend line support & closed below it today at the end of trading session.
Its daily momentum indicators went in to sell & it also closed below 40 DMA. Short term out look for RUPEE remains negative (It will appreciate against USD). One can expect target1-$ 61.40 in short term. Close below it will further confirm sharp appreciation till $60.40 to $59.53 levels in medium term.
For overall wave count perspectives, it looks range bound moment between $63.88 to $58.25 levels. Overall long term trend of Rupee is till positive till it trades above $ 58.25 levels for the targets in the range of $69-$71. In other words, it looks weak against USD as far as long term trend.
It may be forming some kind of triangular pattern or flat pattern in this range before it gives any kind of directional trend. Conclusively it looks like Time wise correction or consolidation for Rupee till it breaks this range.
FALSE BREAKOUT:
SHORT TERM OUT LOOKS REMIANS NEGATIVE:
RUPEE LOOKS STRONG AGAINST USD IN SHORT TERM:
MEDIUM TERM OUT LOOKS RANGE BOUND:
LONG TERM OUTLOOK OF WEAK RUPEE IS STILL INTACT:
Rupee closed @$62.16 levels on 12.01.2015. It failed to sustain above $62.30 levels after breaking range on up side. It made a high of $63.88 on 17.12.2014. It once again entered in to break out territory indicating false breakout as per chart attached. It has also broken crucial Trend line support & closed below it today at the end of trading session.
Its daily momentum indicators went in to sell & it also closed below 40 DMA. Short term out look for RUPEE remains negative (It will appreciate against USD). One can expect target1-$ 61.40 in short term. Close below it will further confirm sharp appreciation till $60.40 to $59.53 levels in medium term.
For overall wave count perspectives, it looks range bound moment between $63.88 to $58.25 levels. Overall long term trend of Rupee is till positive till it trades above $ 58.25 levels for the targets in the range of $69-$71. In other words, it looks weak against USD as far as long term trend.
It may be forming some kind of triangular pattern or flat pattern in this range before it gives any kind of directional trend. Conclusively it looks like Time wise correction or consolidation for Rupee till it breaks this range.