Bullish Target of USDINR given for quarter ending December 2014 had been achieved :: Nivesh Special Report Update

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USDINR continued its bullish rally and as was expected from Mid October 2014, it exactly hit upside of 63.50 levels and currently
trading around 63.70 levels. It has witnessed its longest winning streak after India industrial output unexpectedly contracted in
October by 4.2% from the upwardly revised previous month's data of 2.81% and inflation based on wholesale prices fall to zero in
November, down from its October level of 1.77% which has strengthened the expectations of rate-cut by RBI. Furthermore, the
decent fall in Crude oil is pulling Russian Ruble to a record low against the dollar as it could impact exports and tax revenue of
Russia as well as crude oil export biased country and also growing feared that United States Federal Reserve may hike interest rate
sooner than expectation following robust economic data there.
At this point of time, USDINR is trading on the verge of new jump or trend reversal point, as per the special report dated 16th Oct
2014, it was expected that a trend reversal may be witnessed from 63.80-64.00 levels biased on technical factors ((For full detail
refer to 16th October 2014 Special Report “Indian Factors Vs shine of Dollar index”). Now the weekly chart is yet to test 64.20
levels which coincide with wave A as per the Elliot wave and it’s expected that any jump towards 64.20 levels could attract huge
selling unless pair gives a closing above the 64.50 levels.
 Hence at this point a valid sell entry could expect either from 63.90-64.00 levels, or sell on pull- back towards 64.45-64.50 levels
for rest of December 2014.

Trading Strategy for this Month: Sell USDINR at 63.90-64.00 (CMP – 63.70 levels) for the target of 62.50-61.90 levels. Breach of
this target will further put pressure on the pair for downward and traders can expect the second target at 61.00 with stop loss
above 65.30 levels.
 On the other hand, a break above 65.50 on closing basis could result in bullish move towards 67.00-67.50 levels.

LINK
http://www.indianivesh.in/Admin/Upload/635544879603223750_Special%20Report%20Update%20-%20Indian%20Factors%20Vs%20shine%20of%20Dollar%20index.pdf