Currencies
Thursday, February 28, 2013
Rupee
RUPEE:(Short term & Medium term Trend both are down)
Rupee closed @ 53.86 levels on 27.02.2013. It has unable to sustain at higher levels. It slipped & closed further below $53.95 levels (i.e. short term reversal levels) at the end of trading session. It made high of $54.61 levels on 20.02.2013.
It still managed to close above 20 DMA & 40WSM (i.e-$53.70), break of it will be additional confirmation of short term reversal but daily KST went in to sell at the end of trading session supporting short term trend & also recent fall looks like 5 wave decline (on hourly charts)from top of $54.61 levels.
It looks like short term reversal for Rupee till it’s below $54.61 levels from wave count perspective as per chart attached & we have started wave-C of Y down , in that case one can expect target in the range of $53-$52.60 in immediate short term.
Sustain below it will further confirm lower levels target1- $51.60 & target2- $50 in medium term. It monthly KST in already in sell & Month MACD may go for sell today (monthly closing) at current levels supporting medium term down Trend.
It has strong resistance at $55.50 levels. Medium term Trend remains down till it trades below these levels.
It still managed to close above 20 DMA & 40WSM (i.e-$53.70), break of it will be additional confirmation of short term reversal but daily KST went in to sell at the end of trading session supporting short term trend & also recent fall looks like 5 wave decline (on hourly charts)from top of $54.61 levels.
It looks like short term reversal for Rupee till it’s below $54.61 levels from wave count perspective as per chart attached & we have started wave-C of Y down , in that case one can expect target in the range of $53-$52.60 in immediate short term.
Sustain below it will further confirm lower levels target1- $51.60 & target2- $50 in medium term. It monthly KST in already in sell & Month MACD may go for sell today (monthly closing) at current levels supporting medium term down Trend.
It has strong resistance at $55.50 levels. Medium term Trend remains down till it trades below these levels.
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