As discussed last week USD INR has given a breakout above 53.84 and closed above the breakout level for 1 week. S&P negative outlook and rising current account deficit add more pressure on rupee. Lets analyze USD INR technical for coming week.
USD INR 4 Hour Chart
USD INR 4 hour chart has broken out in chart and is heading towards its swing high of 55.1 . This is what we discussed last week and Rupee made a high of 54.96 before turning back. Holding 54.5 higher levels are still possible.
USD INR Daily Chart
As per Daily charts INR has closed above its 200 DMA which is bullish signal. Also it has closed above its symmetrical triangle which again shows a bullish picture. Follow up action needs to be seen.
USD INR Weekly Chart
Weekly charts are trading in a perfect symmetrical triangle, which also has given breakout as it closed above 54.76 . Pennant formation leads to big breakout and traget of breakout comes near 60 odd levels in next 2-3 months time frame.
USD – INR Trend Deciding Level:55.20
USD – INR Resistance:55.45,55.70,56.40
USD – INR Support:54.70,54.40 and 54.00
Levels mentioned are USD – INR May Future
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