USDINR Towards 70.14 ?USDINR forming & heading towards Inverse Head & Shoulder Neckline @ 70.14 for the week. Break should see it move towards 70.90+ levels over the coming days.
INRUSD trade ideas
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.
USDINR UpdateHey Guys,
USDINR looks good for trade, currently on the weekly resistance zone and most probably it's going to go down from here(decision on Crude Oil on 3rd May is going to also impact it). There are 2 scenarios I have plotted in the charts
1. reaction in the upcoming months from the similarity of historical candles
2. From the combination of support resistance and Weekly charts RSI, It looks weak on the weekly chart so most probably can break the lower support level.
This is just my point of view, not financial advice.
Feel free to share your views.
Thank You
