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.
USDINR is looking positive on daily chart. 5 DEMA has crossed 13 DEMA to upside. RSI is also in control and moving upward. It is trading in parallel channel. Resistance of parallel channel is placed somewhere near the 70.50-70.60. It is well supported by 38.2% retracement level of entire fall from from 74.52 to 68.30 which is 70.68. It is expected to move upward...