Currencies
Thursday, December 17, 2015
Rupee
RUPEE- (USD/INR)- OBSERVATION
CMP-$66.46
SHORT TERM VIEW:
It closed @$66.46 levels on 16.12.2015. Rupee sharply depreciated against USD as anticipated earlier on 03.11.2015. It made a high of $67.17 levels on 14.12.2015.
It looks like wave-IV correction on the cards for the targets in the range of $65 to $64.60 levels in short term till it surpasses recent high as mentioned above. It also looks like impulsive 5 wave decline fall from recent high. Daily momentum indicators are in sell, supporting short term view. Its trading slow & steady in channel as per chart attached. One can expect it to retest lower end of channel in short term
MEDIUM TERM VIEW:
It still looks like final Wave-V up pending till it trades above $63.88 levels (i.e. - over leap levels with wave-I) as per chart attached for the targets of $69 (i.e. - Upper end of channel) in medium to long term. Medium supporting indicators are still showing strength at current levels.
CMP-$66.46
It closed @$66.46 levels on 16.12.2015. Rupee sharply depreciated against USD as anticipated earlier on 03.11.2015. It made a high of $67.17 levels on 14.12.2015.
It looks like wave-IV correction on the cards for the targets in the range of $65 to $64.60 levels in short term till it surpasses recent high as mentioned above. It also looks like impulsive 5 wave decline fall from recent high. Daily momentum indicators are in sell, supporting short term view. Its trading slow & steady in channel as per chart attached. One can expect it to retest lower end of channel in short term
MEDIUM TERM VIEW:
It still looks like final Wave-V up pending till it trades above $63.88 levels (i.e. - over leap levels with wave-I) as per chart attached for the targets of $69 (i.e. - Upper end of channel) in medium to long term. Medium supporting indicators are still showing strength at current levels.