USDINR-30th Nov 2015
Usdinr Minor Trend is down. Usdinr Major Trend is also down. Usdinr has resistance at 67.03-67.10 spot levels mentioned. We do not see Usdinr going significantly beyond resistance levels of 67.03-67.10. On rise Usdinr can be short sold / buying Indian Rupee is recommended. As per our overall analysis of forex rates and USDINR we expect a target of 63.50-63. Yesterday 26th Nov 2015 we have initiated our first part sell positions in Usdinr and on rise we will add more short positions.
Usdinr Charts are amply clearly conveying that it is not headed higher a closer look at the price charts very clearly show that. Usdinr took moved from a high of 67.03 to 64.62 and the move from 64.62 to now or recent high has taken more time than the down move. Plus the volumes on the down move were higher than the pullback towards 66.88 which is today’s high.
Importers will be updated when to hedge positions around 15-17th Dec 2015 we must be very careful and around that time we must see if Usdinr is near 63.50 if Usdinr is below 63.50 or even near 64 then in that case we must hedge positions for the next 6-7 months as from there we see a bullish cycle taking Usdinr towards 70-72.
Good Trading To You!