Currencies
Friday, October 21, 2011
Rupee
RUPEE:
RUPEE (Extending Further towards ALL Time High):
Rupee Closed @ $49.80. It achieved my medium term target of $49 as expected & written in previous note on 13/09/2011. then after, it was consolidating between $49 to $49.50 from last 2 weeks & formed triangle kind of pattern on charts, it managed to give breakout from this consolidation yesterday (20/10/2011) & finally confirmed the trend for upside in short term.
It has started wave-V up as per count, it has target of $51.30 (Wave-I=Wave-V) for short term. It has strong support & reversal levels @$48.68 in short term.
Medium term view is UP till it’s above $45.65 levels.
Rupee’s all time high is at $52.13 on 03\03\2009, one should watch it out Rupee behavior around these levels. It can go till $ 53.30, in case of extension in wave-V case (wave-III=wave-V).
One should be prepared for euphoria kind of rally in Rupee as well, normally occurs in wave-V extension case.
Rupee Closed @ $49.80. It achieved my medium term target of $49 as expected & written in previous note on 13/09/2011. then after, it was consolidating between $49 to $49.50 from last 2 weeks & formed triangle kind of pattern on charts, it managed to give breakout from this consolidation yesterday (20/10/2011) & finally confirmed the trend for upside in short term.
It has started wave-V up as per count, it has target of $51.30 (Wave-I=Wave-V) for short term. It has strong support & reversal levels @$48.68 in short term.
Medium term view is UP till it’s above $45.65 levels.
Rupee’s all time high is at $52.13 on 03\03\2009, one should watch it out Rupee behavior around these levels. It can go till $ 53.30, in case of extension in wave-V case (wave-III=wave-V).
One should be prepared for euphoria kind of rally in Rupee as well, normally occurs in wave-V extension case.
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Indian Rupee Exchange Rate