Update on USD/INR – 4.Feb.2015

Update on USD/INR - 5.Feb.2015
Update on USD-INR - 3.Feb.2015

Hi all,
As said yesterday evening in my blog post Hope the pair will touch 61.8775 tomorrow and bounce back the pair USD/INR bounced back after hitting 61.82 (Daylow). Opening was at 61.90, lower than yesterday’s closing LTP of 61.9575
Then we saw a small bullish rally upto 62.1525 (Dayhigh) and closing LTP was 62.02

Technical analysis:-
The pair opened at 61.90 which was below 1st Fibo support (S1). The bears were strong enough to break 2nd support (S2) at 61.8575. The bulls gained strength and bounced back from 61.82 and broke the pivot at 62.01, continued its rally to 62.1025 (R1). Next resistance was at 62.16 which remained untouched.
Long trend is UP.

I was expecting today’s close below 61.90. But the LTP was 62.02. Not quite sure whether it will open below 61.90 tomorrow morning.
Nifty may go back to Buy zone soon as its approaching oversold area (Mostly a bounce back from 8704 levels). Note that Nifty was in red for last 4 consecutive days.

Figures to watch:-
On the upper side, 62.16 (today’s R2) and 62.1725 along with my yet to hit figure 62.36
On the lower side, 61.4925. But note that the support at 61.7350 is strong.

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