Jahir_Jack

USDINR 4h,can take a bearish dip following divergence on the RSI

OANDA:USDINR   U.S. Dollar / Indian Rupee
it seems an ending diagonal has formed and a bear divergence on the rsi can favor a bearish dip. it might open a new door to big players accumulate but if price really holds 70.65 and 70.32. otherwise it will drive into bearish trend . following long time frame usdinr does not look it will enter into bear trend certainly as usdinr having no favorable sentiment. Indian market is in negative sentiment since jun and july and still driving lot of institutions into crazy.

downside target is 70.62, 70.32 and 70.

Reason: Confluence
1. On the rsi we're having a strong bearish divergence.
2. there's seems to be an ending diagonal but not confirmed.
3. price confirmation at 1.272 fib level drawn from may 13 high 70.76 to low july 11 68.13.

I've randomly mentioned some of my previews analysis on USDINR if you have time to check then good luck.

Related Ideas

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out