Rupee closes at Rs. 54.50 agianst US Dollar - AXIS Direct

In previous session USDINR opened on a flat note and traded with extreme volatility on either side. On the daily chart it has formed a 'Doji' candlestick pattern with both side shadows representing indecisiveness amongst market participants. USDINR has formed a higher High-Low formation and has closed above the past eight sessions down sloping Trendline resistance. This indicates a positive bias.

For the day if USDINR trades above 54.55 then it may rally upward in the range of 54.70 and 54.80 levels. However a drift below 54.40-54.30 levels would correct further towards 54 level.

The daily strength indicator-RSI has turned flat around 50 mark bias and below its reference line which indicates bearish bias. However the momentum indicator - Stochastic has turned bullish from oversold supports upside momentum.

Source : Equity Bulls

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