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.
Though I'm just learning but this seems to be a Flag Breakout and we can buy at market or on some dips upto 70.30 for medium to long term targets of 75, 78 & 80 with a closing basis stop loss below 68. If I'm mistaken then please do correct me as I'm always open to learning the technical patterns and concepts. Thank you.
NEW ALL TIME HIGH MUST BE INCOMING IN USD INR ...THAT MEANS BAD ...WORSE FOR INDIAN ECONOMY ..I ASSUME TILL END 2019 WE CAN SEE NEW ALL TIME HIGH IN USD INR .
THAT MEANS I WILL HEDGE MY ASSET VALUED IN INDIAN RUPPEE ..INTO DOLLAR OR WILL LONG THE USD INR PAIR .
It looks like USDINR have made a bottom for now at around 68.25 and is willing to go higher. Expected move for USDINR might look like shown into the chart according to Support/Resistance and Fibonacci Levels.
USDINR seems to be forming irregular flat and is expected to take prices above 70.50 in wave C. Further confirmation for the move can be seen when prices starts moving above 69. The supports of 68.20 are expected to be held in this up move.