Currencies
Tuesday, July 30, 2013
Rupee
RUPEE:(USD/INR) : RUPEE DEPRICATION TO CONTINUE FURTHER IN SHORT TERM:
TREND TOWARDS MEDIUM TERM TARGETS:
Rupee completed short term correction. It made a low of $58.69 on 26.07.2013 & achieved my short term target of $58.60 conservatively as expected on my previous note on 08.07.2013. It started to trend upward from this level. It managed to find support at this level without much deeper correction.
It closed at $60.48 levels on 30.07.2013. It daily KST came in to BUY today & it also closed above 20 DMA. All these observation are indicating short term trend reversal as per chart attached.
And medium term out look for Rupee is already positive. Its weekly & monthly momentum indicators are still in BUY.
One can now expect Rupee to trend towards my medium term target of $63 as anticipated long back in 23.05.2013 outlook @$55.59 levels.
One can go long at cmp with SL-$58.69 for the target in the range of $62.50-$63 in short to medium term.
One should look out its behavior at higher levels to take a further call from medium term perspective. But for the time being, we are going to see sharp rally till medium term targets in short term.
One should Trail SL levels to $57 levels from medium term perspective.
TREND TOWARDS MEDIUM TERM TARGETS:
It closed at $60.48 levels on 30.07.2013. It daily KST came in to BUY today & it also closed above 20 DMA. All these observation are indicating short term trend reversal as per chart attached.
And medium term out look for Rupee is already positive. Its weekly & monthly momentum indicators are still in BUY.
One can now expect Rupee to trend towards my medium term target of $63 as anticipated long back in 23.05.2013 outlook @$55.59 levels.
One can go long at cmp with SL-$58.69 for the target in the range of $62.50-$63 in short to medium term.
One should look out its behavior at higher levels to take a further call from medium term perspective. But for the time being, we are going to see sharp rally till medium term targets in short term.
One should Trail SL levels to $57 levels from medium term perspective.
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