DOLLAR rupee Future Daily Chart Technical Analysis
Dollar rupee future of January expiry on last trading session closed at 70.16 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 and lower in oversold zone.
Dollar rupee future for month of January will remain weak and sell on rise below 70.85 rupee resistance. On downside dollar has bearish targets around 69.1 and then possibly might show lower levels up to 68 rupees. Expect trend reversal and upside for dollar above 70.85 rupee levels only. Traders with short positions now can trail stoploss and hold position but keep in mind this currency pair is trading in oversold zone so any bad news will spark short covering rallies here so stay short but stay cautious.
Dollar rupee future weekly chart technical analysis
Dollar rupee future on weekly chart showing losses for this week. This was second losing week and in these 2 weeks dollar tumbled from top of 72 to low below 70 rupees.
From medium to long term view, Dollar rupee future has strong support at 69.4 rupees and above it dollar will remain strong for 2019 and on upside my 2019 investment targets are around 75 and then possibly 80 rupees plus. Below 69.4 expect downtrend and deep downside for dollar up to 64.5.
Dollar rupee future monthly chart technical analysis
Dollar rupee future on monthly chart showing flat gains for month of December. This month we saw high of 72.6 and low of 69.7 rupees and dollar closed flat positive. In October we almost saw top near 75 rupees and now correction showed us low of 69.7 rupees. On monthly charts 69.5 bottom will remain as strong support while top of 72.5 and 75 will remain as important resistance zones.
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