DOLLAR INR Future Daily Chart Technical Analysis
Dollar rupee future of December expiry on last trading session closed at 69.78 with loss. On daily chart Dollar rupee future price trend and momentum both are very bearish. Dollar rupee future is trading below all short term averages and heading lower in oversold zone.
Dollar rupee future for month of December will remain weak and sell on rise below 71.4 rupee resistance. On downside dollar has bearish targets around 68.3 to 66.7. Expect trend reversal and upside for dollar above 71.4 rupee levels only. Traders with short positions now can trail stoploss around 70.6 and hold shorts for targets 68.3 and below in upcoming weeks.
Dollar rupee future weekly chart technical analysis
Dollar rupee future on weekly chart showing losses for this week. This was third losing week and in these 3 weeks dollar lost almost 4 rupees from the top.
From medium to long term view, Dollar rupee future achieved 2018’s all bullish and super bullish buy targets of 67.2 and then 70.25 and then 71.95 and lastly almost hit 75, now correcting towards them. Below 72 expect deeper correction towards major long term support of 70.2 & 67.2 rupees. This week dollar breeched 70.2 support and now trending lower towards 67.2 & 65.5 rupees support zones.
Dollar rupee future monthly chart technical analysis
Dollar rupee future on monthly chart showing huge loss for month of November. This was first big losing month for dollar and in this month dollar tumbled from highs of 74.44 to lows of 69.78. Almost 5 rupee drop and almost lost last 3 months gains.
From medium to long term view, Dollar rupee future below 70.2 support remain weak and sell and will head for targets of 67.2 to 65.5 rupees in upcoming months. If sustain above 70.2 on weekly closing basis then there are some chances of upside and uptrend continuation.
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