Currencies
Tuesday, August 20, 2013
Rupee
RUPEE: (USD/INR) - $63.13 (Close-19.08.2013)
Extending further in short term:
Trail till Reverses:
(Revising Medium term targets further UP ward)
Rupee closed @$63.13 levels on 19.08.2013. It has finally achieved my medium term targets of $63 as anticipated in May this year. It has open gap UP today & made a high of $64.13 in the morning.
It looks like extension in final wave-V of 3 as per chart attached from wave count perspective. Its in final leg (wave-V) that can stretchable go till $65.40 on Upside before terminate in short term. Beyond that Upside doesn’t look to me unless it further one sided stretch till medium term targets as mentioned below.
Momentum indicators are also in BUY in favor of short term & medium term UP trend.
One should Trail it with SL-$61.18 in short term till it reverses. Close below $61.18 levels will finally confirm short term reversal & we may see correction till $58.70 levels in short term.
Medium term still remains UP till it trades above $57 levels & we can expect targets in the range of $66.63-$67.40 levels (i.e. - Upper end of channel). It’s trading in very good parallel channel as per chart attached. Short term correction will be wave-IV only & it still remains wave-V UP pending in medium term for higher levels targets.
It may consolidate here (price range of $61.50 to $ 65) for some more time before it confirms short term reversal. The best strategy to trail it till it reverses or indicates any early evidences of short term reversal in this extension case of final leg of wave-V of 3 at current levels.
Extending further in short term:
Trail till Reverses:
(Revising Medium term targets further UP ward)
It looks like extension in final wave-V of 3 as per chart attached from wave count perspective. Its in final leg (wave-V) that can stretchable go till $65.40 on Upside before terminate in short term. Beyond that Upside doesn’t look to me unless it further one sided stretch till medium term targets as mentioned below.
Momentum indicators are also in BUY in favor of short term & medium term UP trend.
One should Trail it with SL-$61.18 in short term till it reverses. Close below $61.18 levels will finally confirm short term reversal & we may see correction till $58.70 levels in short term.
Medium term still remains UP till it trades above $57 levels & we can expect targets in the range of $66.63-$67.40 levels (i.e. - Upper end of channel). It’s trading in very good parallel channel as per chart attached. Short term correction will be wave-IV only & it still remains wave-V UP pending in medium term for higher levels targets.
It may consolidate here (price range of $61.50 to $ 65) for some more time before it confirms short term reversal. The best strategy to trail it till it reverses or indicates any early evidences of short term reversal in this extension case of final leg of wave-V of 3 at current levels.
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