Just let you know USDINR in a critical support zone if it breaks 69.50 Short again for a target of 68.50 within a week.
Fundamentals:- Crude oil, Brent Oil supporting, US GDP negative, US Fade Rate Hiked, US Home sale negative. Rupee getting Strength all the way up from JPYINR, GBPINR, EURINR, and last but not least USDINR.
All Jhingalala (:
It seems dollar may slide down, thereby helping Nifty again take short bull run.
Although Politics may play its role but still signs are of appreciating rupee.
It may have a minor negative impact on Indian IT Stocks.
USD INR spot 64.98 now it’s forming triangle not bullish nor bearish, as it’s break 64.80-82, we expect for 64.64 then 64.42, for the bullish have to break 65.12, today RBI monetary policy coming, it’s expected there is no change in interest change, and in coming days major oil payments have to be done govt. it will support INR.
Currency DRIVE By INFI FORX ...
USD /INR spot @ 64.90 from last one month pair is ranging from 64.80-65.20-30, ones in a mid of month on 13th march market break 64.80, but unable to sustain below that, and keep in range 64.80-65.30, now market is potentially trying to form double top, now as it’s break 64.82-80, and test again, it would be confirm, for the target of 64.40.
Strategy: for the ...
USDINR broke its Longterm Uptrending Line, a few Weeks Back. Also as can be seen, its setting up for multiple level of breakdown from Head and Shoulder Pattern. BUT it needs more downward price action for Confirmation.
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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