Monday, 28 July 2014

Weekly Research Report of Commodity Market

MCXSX/NSE USDINR Aug as seen in the weekly chart above has opened the week at 60.71 levels and made a high of 60.7550 levels. As expected price could not able to breach the resistance zone of 60.75 – 60.80 levels and corrected sharply towards the 60.30 levels. During this week price are able to close below the previous week’s low of 60.4425 and finally closed 0.53% lower at 60.43 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.

For the next week we expect USDINR prices to find support in the range of 60.00 –59.90 levels. Trading consistently below 59.90 levels would lead towards the strong support at 59.70 levels and then finally towards the major support at 59.30 levels.

Resistance is now observed in the range of 60.75 – 60.80 levels. Trading consistently above 60.80 levels would lead towards the strong resistance at 61.00 levels, and then finally towards the major resistance at 61.40 levels.

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