Update on USD/INR – 5.Feb.2015

Update on USDINR - 6.Feb.2015
Update on USD/INR - 4.Feb.2015

HI all,
USDINR opened high at 62.15 against yesterday’s closing LTP 62.02
The pair showed a false Dayhigh of 62.24 in a glimpse and went back to 62.04 levels. But yesterday’s R2 of 62.16 was hit and the pair started to decline. Daylow was recorded at 61.93 and closing LTP was 61.97

Technical lookup:-
Today USD-INR was in Buy zone as per Williams %R indicator. But the bulls were not strong enough to break 62.3375 (R3) and gradually Bears took their chance. As of today’s closing time analysis, Bears are strong and tomorrow morning, I hope the selling will continue atleast upto 61.86. It doesn’t mean that the main trend is Down.
Support S1/S2/S3 were left unhit at 61.88/61.80/61.67

About Nifty:-
As said in yesterday’s blog post Nifty may go back to Buy zone soon, today Nifty went high upto 8891.90 after opening at 8764.90. The Daylow was 8718.25. The market booked profit which forced today’s closing in red at 8739. But R3 at 8894.12 was left unhit..As of today, both Bulls and bears were of almost same strength.
But as of today’s closing time calculation, Bulls may have an upperhand tomorrow morning.

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