Rupee Dollar currency exchange in the short term had huge a rally and now its taking beating falling all the way from 53 to 50.So what are implication in near future:
1.It broke the upper trending channel which suggests that after having a massive rally all the way from 44 to 53 it needs a consolidation phase either sideways or corrective.
2.Short term it broke my weekly moving average cloud strategy suggests that there is further weakness in the rupee, And this price action to current level suggest that there is little to strong support levels around 49 area before it can turn around.
3. If the support level 49 holds and if it can build a base levels around that levels we can still achieve 58 levels but this time not with the trending channel but underneath the belly area as it resistance all the way to our target 58
Okay lets have the short term chart of USDINR
Long term chart moving average cloud suggest that there is strong support around 46-47 area if all the above short term analysis is void. But the chance are very slim as its tie to the general equities as well the news flowing about the dollar carnage.
Here are the list of countries (mostly Asian countries) trying to trash the dollar, Click for the articles on them
1.
China Japan2
China Russia3
Russia Iran4.
India Iran5.
India JapanOka lets take look at the longer term view
