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....
USDINR not making higher high or lower low
range 74.40 to 74.75
Made Short Iron Condor.
Sold 74.75 CE & 74.25 PE
Bought 75 CE & 74 PE
Will exit bear call spread if breaks down
or exit bull put spread if breaks up.
Possible Top is formed with Fake Breakout and strong inverted hammer.
View : Sideways to Bearish
Resistance @ 74.75 Support at 74
Short Straddle 74.75 or 74.5 Strike is possible
Or my favourite Bear Call Spread.
Sell 74.75 CE and buy 75 CE
this must be done on bounce, if we get one for this week's expiry.
74.63 is proving to be a strong resistance and given the last bullish candle, will show up move. Extremely volatile price movements have been noticed given the candle sizes and the price managed to break out of the previous zone of consolidation.
Likely prices for next week
Rate Max ...
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
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USD INR:- it is working as per our analysis. it reverted from 73 and both targets were well achieved 73.44 and 74.20. Now it is sustaining above 74.20, so it may test 74.68 to 74.74.
It has inverse relation with nifty so correction may come.
Dow also has at major resistance as per chart 35500.
Quantitative Easing is essentially trapping the US dollar in the financial system which will cause disinflationary pressures in the future. USD will likely strengthen in the future to all-time highs. USD/INR is forming a falling wedge pattern taking support on a trend line. Very good opportunity for long side exposure on the dollar.