USDINR is consolidating in downward moving channel which is clearly seen on chart. Death cross (50 DEMA below 200 DEMA) point was crossed by pair but didn't sustain above it. Market will look for pair to close below 69.10 for start of downward move towards bottom of channel. Trader should hold short till the time pair is trading in channel or death cross doesn't...
#USDINR bullish short term target 69.80.
Fundamentals. #wtiCrudeoil will back up this week from 54 to 56, cues RBI has puts out revised circular on stressed assets, and rate cut policy still in effect.
From what I see, USDINR has finished a Triple wave WXYXZ pattern. Its now moved to the lows. I guess we will see a brief consolidation and post that, the pair might breakout and continue to go to the downside and retest its previous lows and possibly make a new lower low on the 240 time frame.
Usdinr has started it's move?
With closing at the top on Wednesday and then making lows on Friday. Furthermore, giving signals in forex with an opening at 69.39 levels shows a higher volatility in the market.
On technical front, USDINR has its Resistance at 70.30, and 70.60 levels. Any crossing above that would lead to depreciation in rupee to the levels of...