The force is strong in Rupee. Although USD strengthened against all major currencies, Rupee held its own against USD, and retraced all losses against the greenback after QE Cone Christmas Eve. This is a strong indication that the market is bullish on the highest interest giving currency to the G20, a push that was further aided by the Sensex rising drawing foreign funds back in India again.
Time Table
Rupee has not been able to protect themselves from the rising USD this morning, although with climbing up to USD / INR 28 cents during the first two hours of free market USD. However, the price has not been able to score 62.0 resistance level, and did not even reach the top of swing Monday, highlighting the strong downward pressure that is at stake. In addition, with Sensex rally once again today, the probability of USD / INR lower tab is good. Stochastic is in agreement with the curve Stoch bounce too low after the entry of the region briefly earlier overbought. This opens up a move back to 61.65 and can even grow all the way to 61.30.
Weekly Chart
Weekly Chart is encouraging for bulls Rupee, as the rally from last week has failed to test Top channel, and can act as a confirmation of the "break" of the channel before bearish reversal mid November. This opens Bottom Channel as a possible long-term target. The only thing bears USD / INR should be wary of is the bull market signal that was formed after the price rebounds on 61.3 there two weeks. However, it will not be surprising that the inverse curve Stoch between 40.0 - 50.0 band "resistance", so bearish overall bias is not affected despite the bullish signal, just as traders may want to wait a violation 61.3 before entering especially considering that directionality aggressively in the coming days will be low due to low trading volume
links:
NZD / USD Technical - Push Lower to S / T and L / T support levels
AUD / USD Technical - Mild support Seen Versus bearish backdrop Strong
EUR / USD Technical - Pressure Intact bearish But do not expect Slide Sudden
This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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Read More : USD/INR Technicals – Rupee Showing Strength Against USD
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