TradeTechAdvisors

USDINR : Is it start of another down leg?

FX_IDC:USDINR   U.S. Dollar / Indian Rupee
USDINR is consolidating in downward moving channel which is clearly seen on chart. Death cross (50 DEMA below 200 DEMA ) point was crossed by pair but didn't sustain above it. Market will look for pair to close below 69.10 for start of downward move towards bottom of channel. Trader should hold short till the time pair is trading in channel or death cross doesn't turn into golden cross. +DI is trading at 25 and -DI is at 29 which means bears are trying to grip over the market.

As far 70.60-70.80 is not crossed sentiment for pair will be bearish . Above 70.80, pair will look for 73-75 range. We'll wait for pair to break range of 69.10 -70.60.
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