Rupee Vs Usd (Spot) Inr: Expect Near Term Correction 3 Jul 2015 7:36 am   0 Comments  |   Post Comment  |  Font Size A A A  Report For Date 2/07/2015 Rupee Vs Usd (Spot) Inr: Expect Near Term Correction In last couple of weeks, we have witnessed a trend line breakdown. We can one day pullback to test the violated trend line. Further the support of 63.40 was violated yesterday with bearish candle. Expect USD INR pair to move lower which means near term strength for INR. Exit long and sell on rise from 63.29-63.42-63.54 with a stop loss of 63.70. Expect lower range of 63.16-62.78 to be tested. The current slide can be looked as the retracement of the rise from 61.92 to 64.38. The retracement level is at 63.15 and 62.84. CCI has moved in the oversold zone therefore lower retracement can be tested. Recovery from the retracement cannot be ruled out. RSI and MACD are falling. Stochastic is in the oversold zone. Momentum for a day or two can be seen to test lower range and recovery cannot be ruled out as indicators rush into oversold zone- CCI and Stochastic. Trend is down therefore lower range can be expected. TREND INFORMATION WITH INTRA-DAY LEVELS STRATEGY CLOSE DRV TREND* Trend Price Trend Date L1 L2 CP L3 L4 Hold Short 63.29 63.53 DOWN 63.54 1.07 62.78 63.16 63.42 63.54 63.93 *Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Positional Traders: If trend is up then traders long can hold long position with closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a closing stop loss of DRV: Close <DRV. TECHINCAL INDICATORS TABLE RSI 1-ROC-RSI Stochastic 1-ROC- Stochastic MACD 1-ROC MACD RS 1-ROC RS 46.49 -2.92 34.09 2.19 -0.03 -23.78 52.62 -22.97 Note: Red Color Bar= Down Trend, Green Color Bars= Up Trend, Blue Color Bars= Sideways(Trend could be up or down), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Blue Color dots above the price are profit booking alerts. Purple dot on the charts are swing top/bottoms could be in place. Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. View Full Image Read Disclaimer   Rate this story Rated 0.0    Post comment Comment : Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy. Name :   Email :       Post Comment		Top 5 News Cotton Candy (May 24) Bearish Trend / Sell on Rise / K... Mentha Oil (May 24) Neutral Trend / Buy on Breakout / ... Base Metals Zinc (May 24) Bullish Trend / Buy on Dips... Base Metals Lead (May 24) Bullish Trend / Buy on Dips... Base Metals Copper (May 24) Bullish Trend / Buy at CM... Top 5 Special Reports Desi Moong (Jaipur) Inflection Point: Retesting Key Re... Rajkot Groundnut Oil Loose Correction Underway / Next ... US Cotton net export sales for April 12-18 at 177,100 R... US soybean net sales for April 12-18 at 210,900 MT, dow... Black Matpe Polished (AP) Consolidating Above Key Supp...