The saying goes 'The only thing that is constant is Change' ... We 'marketmen' can redraft this as 'Only thing that will be constant is confusion (read volatility)'...
The Dollar index rise gave jitters to Gold , Crude, Silver and other metals ... I expect that the rise in dollar against the rupee too is likely.
USDINR charts suggest a good support near Rs 46/- which is the 50% retracement level of the entire rise from Rs 39/- to Rs 53/-. And now a break out above Rs 47.20 should be able to generate more steam and hence put huge pressure on the rupee...
Overall the USDINR has good support at Rs 46 levels and unless this is broken downward, expect the rupee to depreciate further !!
Happy tracking!
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
3 comments:
SIR
USDINR chart is showing Head and Shoulder pattern in daily & weekly chart .i think next tgt around 42
Yes , but remember price is king ... Looking at the chart , one should become bearish onky on break below 46.. and then target more down moves... till then remain bullish. . . .
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