Indian Rupee ended its bear cycle? Not so fast. Could hitting the 69.00 target have ended the cycle off the 53’s? That is the question that Tim Riddell, Head of Global Markets Research at ANZ, asks. Key Quotes "After failing to retest 69.00 last week, current retrac are deeper than those seen earlier this year as indicated by the breach of 63.90 (interim 50%, rising channel support and a previous channel). The turn in momentum indicators is also noteworthy." "Rebounds off 63.45 will be critical. Expectations are still for the uptrend to resume, through the 65.60-66.30 area, for measured moves to the 71.00-72.50 area." "However, the next up-leg could also disappoint given the depth of recent pullbacks (signalling an inter-5th completing). Failure to regain 65.00, or a near term break of 62.90, would undermine the bias for further INR weakness."
Posted on: Thu, 12 Sep 2013 07:21:53 +0000
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