USDINR on Weekly Time frame has reached channel resistance marked in Blue parallel line
at this channel resistance, on daily timeframe it has shown us a hanging man (hammer) type candle ,
the low of this candle is also taken down by the big bearish candle.
Now this all has happened at the previous resistance level and this bearish engulf (hammer + big bearish...
USDINR is stuck in a range
74.5 and 73.5
Last week USDINR printed a neutral candle, this week price fluctuated between the high's and low's of that previous week's candle.
Sideways action expected for this week as well.
Risk takers may go for straddle or strangle strategy
Or I recommend Bear Call Spread.
Sell 74.5 CE Buy 75 CE
as Trend on higher Time frame is...
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.
