Currencies

Tuesday, September 13, 2011

Rupee

RUPEE:
CONFIRMED MEDIUM TERM REVERSAL:

Rupee finally confirmed medium term reversal as anticipated. It closed @47.22 levels on 12/09/2011. It sharply rallied above medium term reversal levels (i.e. - above $46.11) & also achieved my tgt1 of $47 (38.2% retracement) as mentioned on 08/08/2011.

Now we can eye tgt2 of $49 (61.8% retracement) in medium term.
Short term Support @ $46

Medium term reversal for Long @$45.49 levels.
Rupee will remain under pressure & further depreciate against USD in short to medium term.

Indian Rupee Exchange Rate

Currency Exchange Rate

Disclaimer

The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah . The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
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