USD INR Weekly Technical Analysis

By | May 19, 2013 12:20 pm

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

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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


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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

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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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