Dollar Rupee is trapped between 71.50 -73.00 zone and doing sideways choppy move - looks like something is left on the upside. So any move above 73 which is short term double top shall open can of worms as rupee can depreciate more or become more weak as compared to dollar.
If this happens then you will have to spend more rupees to buy same dollars.
can of worms A can of worms is a situation or subject that is very complicated, difficult or unpleasant to deal with or discuss.
or
A complex unexpected problem or unsolvable dilemma.
Trading Strategy
Plan A - Look to Buy dollars in the zone 71.90-72.10 zone- strictly holding above 71.50 mark for upside target 72.90 -73.00 zone.
Plan B - Hold your buy positions from Plan A -once it starts moving above 73.00 mark & look for target zone 73.75-73.90 upside -later take rest
Plan C - If crosses 73 mark & holds above 73 then look for 73.75-73.90 as suggested above
i i just saw this , actualy i short usd @71.20 . so what will be my next move.
RahulDhanda
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Just saw this article of urs.. u still see break above 73 in October
WaveTalks
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@RahulDhanda, It depends if 71.50 is not broken downside & we get support in 71.90-72.10 zone then going forward it may attempt 73 & above 73 only 73.80-74.00 zone.
Jitu1984
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It's good to buy low in the range that you have drawn in the chart and sell higher at the range. RBI is intervening in the futures market from what I have heard. The big move seems to be over in USDINR. What do you think @AbhishekSinghCMT
WaveTalks
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@Jitu1984, See- Prices Talk Better -If any how it crosses 73 mark & stays above, it can attempt 73.80-74 zone or below 71.50 only we may see rupee getting more strong as compared to dollar.
Jitu1984
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@AbhishekHSinghCMT, Dollar Index is at 94 levels, may take support and if it does, doesn't look like INR will stop to fall more.
lekhrajkhatri
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Right but givt start a lot work to down USD so it will come down soon
WaveTalks
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@dharajyot, 71.90-72.10 is strong support so it may push upside above 73 if that level gets pierced upside so it is important 71.50 holds next n downside.