Rupee Vs Usd (Spot) Inr: Sustained Breakout Needed
Traders long and holding the same need to maintain the stop loss at 63.73.
Broadly, till 64.38 is not crossed traders can look for rise to resistance to take profits.
Breakout and close above 64.38 with bullish candle can generate a spike.
A sustained breakout needed to show a rally.
Overall the range will hold and movement will remain between 64.38 and 63.24.
Monthly Chart View
In May 2015, the high and low was 64.38 and 63.30.
In June 2015, the high and low was 64.32 and 63.41.
In July 2015, the high and low was 64.26 and 63.24.
Spinning top candle has been formed all the 3 month, May-June-July 2015.
The 61.8% retracement of the fall from 61.21 (August 2013) to 58.25 (May 2014) is placed at 64.90.
Higher range attracts resistance and sustainability issue can be seen till 64.90 is not crossed on monthly chart.
Spike to 64.90 can be seen after occasionally after compression movements.
Trend line is seen from the low of 58.25 (May 2014) and 61.64(March 2015).
On fall below 63.24 in months to come will violate the trend line for a stronger INR and falling USD/INR pair.
Breakout is above 64.90.
The band movement will still rule for some time till decisive breakout or breakdown movement is not seen.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Long
63.98
63.74
UP
63.59
20.07
63.46
63.82
64.01
64.17
64.53
*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-ROCMACD
RS
1-ROCRS
56.92
-7.14
50.95
6.90
0.11
4.93
60.31
5.54
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.
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