Mtechtips MCX-SX USDINR WEEKLY trading analysis 28-05-2015
MTECHTIPS U S Dollar-Indian Rupee future trading at 63.97 with GAIN. on daily chart, us dollar price price trend is bullish but momentum is weak on continues profit booking. U S Dollar-Indian Rupee future is trading below 1 month average and heading towards its 3 month average to test it. on daily chart, prices are with strong corrective rounding top patterns while indicators side, MACD slipped below zero with bearish divergence. RSI is also below 50 with bearish divergences. CCI is at –51 with strong sell signal.U S Dollar-Indian Rupee pair this week closed with loss. this week, U S Dollar-Indian Rupee high was at 63.98 while low was at 63.52 and closed at week low with negative outlook for next week. this was second weekly loss for U S Dollar-Indian Rupee futures. in these 2 weeks period, us dollar almost loss 1 rupee gains. on weekly chart, 63.22 and 62.9 are averages support zones.for next week, U S Dollar-Indian Rupee below 63.3 become bearish and absolutely sell trade for short term traders. if sustain above it then expect reversal rally up to 64.5 once again. future traders with closing below 63.3 can go short for target 62.55. option traders can use in the money put options for buying and accumulation with strict stop loss in place.
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