USDINR Next week view 18 March Expiry

USDINR on Weekly Time frame has reached channel resistance marked in Blue parallel line
at this channel resistance, on daily timeframe it has shown us a hanging man ( hammer ) type candle ,
the low of this candle is also taken down by the big bearish candle.
Now this all has happened at the previous resistance level and this bearish engulf ( hammer + big bearish candle) has taken down
low of the bullish breakout candle too confirming fake breakout. [ Supportive indicators - Stochastic Negative Crossover ]
Now, as per this price action any bounce is a Sell with Stop loss high of the hammer candle (77.150)
We can also see Bearish Divergence with RSI .
View : Neutral to Short with target 75.5

Counter view : if the high of the hammer is broken out, then bullish momentum continues, hence, continuing the view given in my previous post. Please check out.

Strategy that can be applied :
Bear Call Spread - Buy 77.25 CE Sell 77 CE (Buy OTM Sell ATM/ ITM )
Call Ratio Back Spread Buy twice of the lots of 76.5 PE and Sell 76.75 PE (Sell one lot of ITM , Buy two lots of OTM)
Few things to know about this spread are below :-
* Unlimited profit if the market goes down
* Limited profit if market goes up
* Predefined loss if the market stays within a range

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