as per chart
usd getting power
while inr loosing the same
the pair given a breakout
thus shorting inr and buying usd as per above will work
usd may move beyong 75.5 zone as well
while support at 73 areas
The first leg of irregular correction has started to appear from 77.01. Now a trading opportunity is visible on price charts which can drag prices lower to:
i) 74 being 100% extension of wave A in an ideal case
ii) 73.22 being 138.2% extension of wave A in most cases
iii ) 72.70 being 161.8% extension of wave A on rare occasion
A break below 75.40 would provide...
Plan A - Risky Traders
Buy with strict stops below 70.35 for 72.25
Buy above 72.50 for 74.50
Buy above 74.50 for 75.50-76 handle
Plan B- Safe Traders (Post Pattern Breakout on upside)
Buy only above 72.25 for 74.50 & above targets as mentioned in Plan A
Note - If USDINR moves in desired direction as expected upside holding...
USDINR after reaching its high level range 72.20 is trying to test -- support range of 71.20-71.40
Any break down in any levels may lead to the further down levels of 70.48.
On the Resistance side, it may test 72.53 & 73 levels in the coming days.
Be Cautious with each trade.