rishiguy

USDINR: Breakout or Breakdown?

Long
OANDA:USDINR   U.S. Dollar / Indian Rupee
On the weekly USDINR chart, there is a symmetrical triangle kind of a formation. It has taken about 20 months to form on the chart. This pattern could break on either side. My bias would be on the long side because the overall trend on the weekly and the monthly chart looks definitely bullish . But I would be open to re evaluate the scenario if it breaks the pattern and the trendlines to the down side.

Possible upside long term target: 81
Possible downside long term target: 67

Wait for the breakout and retest on either side, then trade on smaller timeframes.
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Manage risk properly and trade your plan.
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