Last Traded Price was 67.85- As per previous update, look for the zone 67.15-67.41 as key zone & 67.15 as critical level where Dollar rupee likely to bounce as that zone troubled for a good number of months acting as resistance zone & most likely to form support so they have changed their role from resistance to support- that is called polarity reversal.
The move Down from 68.85 Level in USDINR Looks Corrective,
till the time it does not break the bottom of the corrective channel decisively & impulsively.
It can be a very good place to go long with very little risk.
Probably one more push above the recent highs?
USDINR took a steep jump since bank notes ban and trading higher high, it is now trading on strong resistance and seem to go downward from this level, risky traders may enter short at CMP 68.50 and others may wait to break the inside bar or breakout downside.
The price action is been range bound in this pair for a while and now I'm looking forward for a big breakout in it. I would appreciate if anyone could share their opinion on it or post something related to it.
Here we have potential ABCD completion around 66.1's in USDINR but it will happen only after the support at 66.5's takenout. As of now I expect USDINR will move little up to 66.85's before starting its downward move. Incase the resistance is taken out, we need to decide based on what happens after that.
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