Rupee Vs Usd (Spot) Inr: Expect Higher Range To Be Tested

Report For Date 27/11/2015

Rupee Vs Usd (Spot) Inr: Expect Higher Range To Be Tested

Traders by chance long and holding the same can maintain the stop loss at 66.55.

Indicators like RSI and Stochastic on daily chart are in the overbought zone.

Overbought means acceleration in direction of the trend or reversal from proceeding up trend to follow in extreme near term.

Traders long can revise up the stop loss to lock profit or reduce the risk.

In the event of a sustained rise and close above 66.98 with bullish candle then rally can extend towards 68.31.

It will be critical how USD INR pair behaves today from further directional movement point of view.

The earlier historical peak of 68.60-68.80 may be tested if current breakout above 66.98 is successful.

The supply zone will start from 67.24 to 68.80.

TREND INFORMATION WITH INTRA-DAY LEVELS

*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

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.