USDINR -Rs 47/- trend decider!!

The Nifty historical resistance was analysed day before yesterday and it seems that 5300 is too string a resistance to surpass... Watch out the 5170 levels... below which more profit booking expected.

The SEBI announced the Go Ahead to the Exchanges - to introduce more 'currency pairs' including Euro INR, YenINR and PoundINR. Thank You SEBI ... now I would now have more currencies to track and trade !!

The USDINR seems to be stabilising and is now climbing back to 46 levels... But overall trend will remain down till the time Rs 47 is surpassed.. (In fact I just read that some IT firms have hedged long term contracts at Rs 47/- per Dollar... Woops, Are we then in for a rally(yes rally) beyond Rs 47 ? ? ? ).



The current chart suggests covering short sell positions and wait for a corrective rise. And all medium to long term short sell positions need to have stops placed at Rs 47/-.

by the way , EURO-USD has broken an important support level and is currently at below 1.42... More weakness in Euro likely in coming days...

Happy currency trading !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.