Last week the #USDINR broke higher from the 4 session consolidation between 64.67 – 64.93 and auctioned higher. The close was in a spike and at weekly highs. The current upmove, which began on thursday can extend to 65.52- 65.55 Nov F , however if volumes do not increase at the higher levels near 65.50F then would go into a comsolidation pattern there.
For the week ahead we expect a 65.52 to a 65.13 range with dips to the 65.24 zone again being candidates for buys with stops below 65.05
For the week ahead ( to 17th Nov)
- Excess seen near 65.50 would mean immediate supply for the USDINR F
- A dip to 65.22 during the week is good to get into a buy mode
- The 65.10- 65.13 zone is also a good support zone
- However, if 65.10 is broken again the USDINR can dip to 64.92 F again
- A move above 65.53 F is good for 65.71- 65.74 F