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USDINR: Breakout or Breakdown?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. _______________________________________________________________________________________________________________________________ Manage risk properly and trade your plan. Like and follow for more. :)
ULong
by Tradeception_
USDINR View current weekHello Guys! Hope you had enjoyed the festive season... I enjoyed a lot... with Ganpati Bappa and Gauri Mata's Ashirwaad... May God shower blessings on all of us... Sorry ! As I did not post anything for a while... This week's USDINR view is as follows : USDINR was sideways for quiet sometime, consolidating in a triangle pattern. It broke upwards today and I see a target of 74.25 slow and steady. Support at 73.5 So, Bull put Spread can be a good bet. Sell 73.5 PE and Buy 73.25 PE OR We may also Sell Strangle 73.5 PE and 74.5 CE to eat premium
ULong
by NeelamN
2
USDINR View Scenario 1 : Continues the Head n Shoulder breakdown (can you spot Head and Shoulder?) to achieve T1 of Head and Shoulder breakdown target & 200 EMA Support. If breaks further, then T2 can be achieved which is a support of 2 hammers printed previously. Scenario 2 : If it does not break and open flat or gapup, it may consolidate here before breaking down. Range 74.5 - 74.25 Scenario 3 : It may achieve T1 and do a false breakdown of the inclined trend line (& 50 EMA) and again bounce back up. Look for bullish candle patterns here.
UShort
by NeelamN