There seems to be a bearish breakout in USDINR with ultra high volume. However, RSI is below 30 which indicates oversold. Don't aggressively short this pair. There is a possibility of some bounce back before the next down fall.
Is there a chance of the pair to slip down to 72.70 level in the coming week.
mercifulEnthus14050
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Does it stay at 72 levels? Or any chance of going back to 75 levels?
kalyanganguly
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@mercifulEnthus14050, hi... I am expecting a bounce back from 72 levels as this level is a strong support (resistance turned suport). Moreover, RSI indicates that it is oversold.
vishwajeet24
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good analysis bro , can i buy @72 ???
whats your view
kalyanganguly
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@vishwajeetkumbhar100, yes! You can enter around 72.15 - 72.02. But just check for reversal in terms of price action at these levels and then enter. I have set an alert for these levels. If I see a bullish reversal, I will enter the trade only then.
Cfa_Arvind
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EXCELLENT JOB. I APPRECIATE YOUR HARD WORK, PASSION AND THE MOST IMPORTANT IS YOUR ANALYSIS.
kalyanganguly
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@Cfa_Arvind, thanks a lot for your appreciating words. This really boosts my morale.
Sarthak_Singh
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The previous resistance might act as support now. Great Analysis!