Currencies
Tuesday, November 29, 2012
Rupee
RUPEE (TREND REVERSAL): (USD/INR)- BEARISH
(RUPEE WILL APPRECIATE)
RUPEE Closed at $55.45 on 27\11\2012. It retraced around 78.6% from lows of $51.35 on 5/10/2012 that was beyond my expectation. It made a recent high of $55.88 on 26\11\2012
I have mentioned about $56 is a crucial resistance/Reversal levels for Rupee from medium term perspective in my last Updates on 25/09/2012. & it reversed from some where nearer to these levels. It was a one sided pull back rally lasted for one & half month that we have seen so far.
Looks like Top for Rupee already established at recent high for short term. One can expect target of $54 in short term. Below which we will get final confirmation for medium term lower levels targets. Because short term Momentum indicators, daily KST in sell confirming short term reversal but medium term momentum indicators weekly KST is still in BUY, not confirming medium term reversal. One should wait for Price & time wise confirmation of the same to reach final conclusion about overall Trend.
Break below $ 54 will lead to tgt1-$52 & tgt2-$50 in medium term.
One can sell Rupee at current levels with SL-$56 for lower levels targets.
Risk Rewards is favorable to sell at current levels for Bears for both short to medium term perspectives.
(RUPEE WILL APPRECIATE)
I have mentioned about $56 is a crucial resistance/Reversal levels for Rupee from medium term perspective in my last Updates on 25/09/2012. & it reversed from some where nearer to these levels. It was a one sided pull back rally lasted for one & half month that we have seen so far.
Looks like Top for Rupee already established at recent high for short term. One can expect target of $54 in short term. Below which we will get final confirmation for medium term lower levels targets. Because short term Momentum indicators, daily KST in sell confirming short term reversal but medium term momentum indicators weekly KST is still in BUY, not confirming medium term reversal. One should wait for Price & time wise confirmation of the same to reach final conclusion about overall Trend.
Break below $ 54 will lead to tgt1-$52 & tgt2-$50 in medium term.
One can sell Rupee at current levels with SL-$56 for lower levels targets.
Risk Rewards is favorable to sell at current levels for Bears for both short to medium term perspectives.
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