Currencies
Thursday, August 29, 2013
Rupee
RUPEE: (USD/INR) - $66.60- (Close-29.08.2013)
Trail till Reverses:
BE CATIOUS: CLIMAX STAGE OF EUPORIA RALLY:
Rupee closed @$66.60 on 29.08.2013. It closed daily in negative territory. It stretched unanticipated time wise, beyond my short term to medium term targets of $67.40 as expected earlier on 20.08.2013. It made a high of $68.80 levels on 28.08.2013. It has overshoot parallel channel as mentioned earlier as per chart attached.
Rupee was previously moving as Test match (Slow & Steady towards Results/Targets), now moving as T20 Match (Instant Results/Targets).
It has extended in wave-V of 3/C. it’s still not indicating any sign of short term reversal. But it’s in climax stage of this one sided euphoria rally that can burst at any time but it can become further wild before finally terminate. Therefore, one should be cautious & also prepared for unexpected movement in this final stage.
Sustain above $68.80 will only further confirm higher levels targets of $72(1.618 of wave-V of 3/C in case of super extension) in short to medium term. It may consolidate between $68.80- $63.50 levels before further trend established at either of side.
Momentum indicators of daily/weekly & monthly charts all are still in BUY in favor of short term & medium term UP trend.
Although it’s pre-emptive but today’s daily negative close at is an early indication of Halt in Short term trend till recent high of $68.80 surpasses. But one should also watch out other evidences like- Momentum indicators, swing lows or Impulsive decline from top of $68.80 to reach final conclusion of short term reversal.
One should Trail it with revised SL-$63.11 in short term till it reverses. Close below $63.11 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 $57.30 levels & one can expect target $ 72 levels. Short term correction will be wave-IV only & it still remains wave-V UP pending in medium term for higher levels targets.
The best strategy is to trail it till it reverses or indicates any early evidences of short term reversal in this super extension case of final leg of wave-V of 3/C at current levels.
Trail till Reverses:
BE CATIOUS: CLIMAX STAGE OF EUPORIA RALLY:
Rupee was previously moving as Test match (Slow & Steady towards Results/Targets), now moving as T20 Match (Instant Results/Targets).
It has extended in wave-V of 3/C. it’s still not indicating any sign of short term reversal. But it’s in climax stage of this one sided euphoria rally that can burst at any time but it can become further wild before finally terminate. Therefore, one should be cautious & also prepared for unexpected movement in this final stage.
Sustain above $68.80 will only further confirm higher levels targets of $72(1.618 of wave-V of 3/C in case of super extension) in short to medium term. It may consolidate between $68.80- $63.50 levels before further trend established at either of side.
Momentum indicators of daily/weekly & monthly charts all are still in BUY in favor of short term & medium term UP trend.
Although it’s pre-emptive but today’s daily negative close at is an early indication of Halt in Short term trend till recent high of $68.80 surpasses. But one should also watch out other evidences like- Momentum indicators, swing lows or Impulsive decline from top of $68.80 to reach final conclusion of short term reversal.
One should Trail it with revised SL-$63.11 in short term till it reverses. Close below $63.11 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 $57.30 levels & one can expect target $ 72 levels. Short term correction will be wave-IV only & it still remains wave-V UP pending in medium term for higher levels targets.
The best strategy is to trail it till it reverses or indicates any early evidences of short term reversal in this super extension case of final leg of wave-V of 3/C at current levels.
| Previous Page |
Indian Rupee Exchange Rate