Currencies
Friday, June 28, 2013
Rupee
RUPEE: TRAIL IT TILL REVERSES-III:
(Short term Target achieved):
Rupee closed at $59.52 levels on 28.06.2013. It has achieved short term targets as expected. It made a high of 60.76 levels on 26.06.2013. It has completed 13 legs on Upside as per chart attached.
Daily negative close of Friday at ($ 59.52) is an early indication of halt in short term trend from wave count perspective. Daily KST momentum indicators also in sell showing trend reversal.
Sustain above $60.76 levels will only confirm further higher levels targets of $62-$63 in medium term till that we may see Short term correction ( Profit booking ) or consolidation ( Side ways trend) in short term.
One can partially book Profit at current levels in USD/INR & rest can trail with SL-$58.60 (i.e-20 DMA) for short term trend. Sustain below this levels will lead to extension in correction till $57.39 levels in short term. But basically possible broad range of USD/INR will remain between $56 to $ 61 for short term before further Trend established.
One should Trail SL levels to $56 levels from medium term perspective.
(Short term Target achieved):
Daily negative close of Friday at ($ 59.52) is an early indication of halt in short term trend from wave count perspective. Daily KST momentum indicators also in sell showing trend reversal.
Sustain above $60.76 levels will only confirm further higher levels targets of $62-$63 in medium term till that we may see Short term correction ( Profit booking ) or consolidation ( Side ways trend) in short term.
One can partially book Profit at current levels in USD/INR & rest can trail with SL-$58.60 (i.e-20 DMA) for short term trend. Sustain below this levels will lead to extension in correction till $57.39 levels in short term. But basically possible broad range of USD/INR will remain between $56 to $ 61 for short term before further Trend established.
One should Trail SL levels to $56 levels from medium term perspective.
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Indian Rupee Exchange Rate