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 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...
USDINR on day chart broke the 200 day SMA and the big broadening wedge bottom in early march 2019.
Currently it has formed a small broadening wedge.
Avoid all the opportunities to go long (as long as it trades below 200 day SMA) and look for trading opportunities only on the selling side.
I will be waiting to go short after the small broadening wedge breakdown.
OANDA:USDINRUSDINR seems to be in a complex correction. After the recent running flat, it looks like its going to the upside for a C wave. For the short term, its likely to retest the previous highs and slightly beyond till about 71- 71.5 levels.