Currencies
Thursday, February 21, 2013
Rupee
RUPEE: (SHORT TERM REVERSAL)
SHORT TERM UP/ MEDIUM TERM STILL DOWN:
RUPEE closed @ 54.07 levels on 20 .02.2013. It managed to close above crucial resistance levels of $54 on 4th consecutive day. It has also broken out of bullish inverted H&S kind of pattern as per chart attached. It has taken support at neckline area yesterday & opened UP with GAP today, its final confirmation of UP ward breakout & strong sign for BULLS till it reverses.
Daily KST momentum indicators are in BUY. It also managed to close above 20 DMA. One can expect Rupee to rally further till $55 to $55.40 in short term. Risk Reward is favorable to go LONG at current levels.
It has strong resistance/ reversal levels @ $55.40 as per chart attached. One should watch out its behavior around these levels for final conclusion of medium term reversal levels. Weekly & monthly KST (momentum indicators) both are in sell indicating weakness & supporting medium term view.
It has strong support @$53.95 levels. Short remains UP till it trades above these levels.
SHORT TERM UP/ MEDIUM TERM STILL DOWN:
Daily KST momentum indicators are in BUY. It also managed to close above 20 DMA. One can expect Rupee to rally further till $55 to $55.40 in short term. Risk Reward is favorable to go LONG at current levels.
It has strong resistance/ reversal levels @ $55.40 as per chart attached. One should watch out its behavior around these levels for final conclusion of medium term reversal levels. Weekly & monthly KST (momentum indicators) both are in sell indicating weakness & supporting medium term view.
It has strong support @$53.95 levels. Short remains UP till it trades above these levels.
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Indian Rupee Exchange Rate