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USDINR

USDINR down trend starts or Election Impact? 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 level s. Any crossing above that would lead to depreciation in rupee to the levels of 71 and above that. Besides, on appreciation side, usdinr supports at 69.80, 69.45, 69.00, 68.48, 67.80 and 67.19 levels.. Breaking of these supports will lead to further appreciation in rupee. Can it be Indian election exit polls impact or us-china trade war impact or the starting period of eurozone election period impact. Be cautious with the trade.. News and views will be having its higher impact.
Short
by UnknownUnicorn3503085
USDINR : Is it start of another down leg?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 turn into golden cross. +DI is trading at 25 and -DI is at 29 which means bears are trying to grip over the market. As far 70.60-70.80 is not crossed sentiment for pair will be bearish. Above 70.80, pair will look for 73-75 range. We'll wait for pair to break range of 69.10 -70.60.
by UnknownUnicorn4260559