The daily chart shows that the trends continue to be in favour of the INR as the prices have been unable to move beyond the median line of the Pitchfork. Despite the strong strengthening of the Dollar the INR seems to be holding to its gains. Will it translate into some benefit for the Indian equity markets is something that will transpire tin the coming weeks.
Doesn't it signal that there might be strong support at 70.5 range and the trend is bullish with the bullish flags as shown in above chart. Please advise if I have missed on my analysis.
Raja_Chart_Advise
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@HariRamKumar, Your double bottom target has been achieved in USDINR. Flag formations identified by you is incorrect. There is no short term bullish flag. Its either a flag or None..Ina flag there cannot be so many days of candle formation.
Hari-Ram-Kumar
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@Raja_Chart_Advise, Agreement to the above statement was by mistake. Hope the price action closes above the median line today. What is the trade strategy, if it closes above the median line?
Stock_Terminator
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Wrong prediction, its going up, @HariRamKumar is right
Doesn't it signal that there might be strong support at 70.5 range and the trend is bullish with the bullish flags as shown in above chart. Please advise if I have missed on my analysis.