After a long rally from an ending diagonal of wave 3 the pair is forming a Head and shoulder pattern. The breakdown of the neckline will bring the prices down to the previous supported as shown in the analysis.
Today's move created a new wave-c of wave-2 . Still the bias is for downsouth as wave 3 going to unfold. Refer to the last update attached in the link.
USDCAD LOOKING LIKE BULLISH IN MARKET BUT O TOP THERE IS RESISTANCE AND RESISTANCE ZONE WHEN IT BREAK RESISTANCE ZONE IT MAY HAVE STRONG BULLISH MARKET .... BUT MAX CHANCES IS MAY MAY BE BEARISH.
#VSGROUPS #VAMSHICHICHU #USDCAD
Look t the momemtum of moving upward. Expeccted downward move from approx. 13 APRL 2020 . The speed or momemutm which these currencies are going up is expected to fall at the same speed.
While all are busy with Nifty and stocks we must not ignore that the USDINR has registered a breakout from a 6 months symmetrical triangle. The RSI is well placed into bullish zones with the pattern target placed at 74. However a break below 71.55 will render the pair into consolidation again.
On the charts, we find that the MACD is gradually heading higher as prices continue to consolidate with favorable tailwinds leading to strengthening of the greenback. Prices are now rising to challenge the strong resistance developed at 100 levels. This was the top recorded back in Mar 15 and again in Nov 15. Through the first half of the year the prices have...
Short trades can be initiated on EUR INR as correction is due after ~3 weeks of rally. Strict stop loss should be placed as it is currently trading above 200 EMA on daily charts. I'd recommend trailing your stop loss once it starts moving in our desired direction.
