The Indian Rupee has strengthened slightly against USD during the last hours, despite having reached a high of 61.55 in the first 2 hours of trade. USD / INR was initially bullish, continuing the trend observed last Friday - a common theme throughout correlated assets more risky. Prices have a significant U-turn when the Chinese economy data was released, with the stronger than expected print overall GDP for risk appetite rebounding slightly. Sensex was the biggest beneficiary of this, currently earning 0.43%, but managing to hit a maximum of 21,209, despite trading in the red as low as 21,001 at one point. This upward response is not seen in other major Asian stock indexes, where the Nikkei 225 closed 0.59% lower, the Hang Seng Index to current -0.83% to -0.53% STI. Even ASX, the Australian index should have been more sensitive to Chinese economic data closed 0.21%, with the only Sensex which managed to return the sides.
Time Table
strength Sensex helped lead Rupee stronger, and as the consideration for the shares, currency India is the only major currency that managed to hit a level higher than Friday's closing (at least for now). This shows the strength in Rupee and at the same time to demonstrate the importance of having strong market fairness for health Rupee. Since Sensex stays healthy for now, the opportunity to continue strengthening Rupee against USD today is high.
Techniques that can play a role as well. Prices rebounded off the 61.55 resistance with rally unable to overcome the rising trend line this morning - invalidating the bullish trend that was in play on Friday and opening a possible move back to 61.10. Stochastic readings are agreed, with a down cycle currently in. However, stochastics promotes a 61.3 rebound (support seen on weekly chart below) that the readings are lower by 50.0 and will likely hit oversold when 61.30 price tags.
venture trends improve, the likelihood of rupture 61.3 becomes higher, but given that the United States is to have a holiday today, it is unlikely that trends risk will be able to change significantly. As such, a wedge of 61.3 is more likely to immediate short term unless European markets managed to surprise on the upside.
Weekly Chart
weekly chart does not favor the bears well. Stochastic readings are much closer to the oversold region compared to the hourly chart, and although prices have managed to break the key support 61.3, it is unlikely that we will be able to hit 59.0 before a withdrawal occurs and a push towards the Channel Top may be more likely from a purely technical point of view. Fundamentals continue to promote the long-term uptrend should increase to USD INR while still at risk with high inflation and weak production figures. Without the strength of the Sensex, it is unlikely that rupee will be able to strengthen itself, and traders who want long Rupee now for the long term could be burned should the strength of Sensex start saying back in line with the rest of the Asian equities; it is unlikely that Sensex will be able to remain stronger than the rest of Asia long given the weak economic fundamentals of India
Links :.
GBP / USD - 1.6450 resistance Rebounds Off Again
AUD / USD - Drops to multiyear Low 0.8750 Close
EUR / USD - Drops to eight weeks Low Around 1.35
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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