Jun 26 2018

Rupee likely to hold all time lows

On the weekly candlestick charts, USDINR has formed double top pattern, First top on weekly close of 25th May 2018 and the second top in the last week’s candle the target for the same can be towards the neckline of 66.84. USDINR momentum indicators are heavily overbought with 14-day Relative Strength Index (RSI) above 70 now and Moving Average Convergence Divergence (MACD) above zero line likely to give a crossover showing bearish bias in the local pair. There is an important price gaps to be filled on daily charts towards 67.14 which can be targeted initially going forward and then a level of 66.47 (38.2% Fibonacci retracement from 63.24 to 68.46) can be targeted. The recent correction in dollar is suggesting that we are close to the peak of dollar rally.