The price was going high but RSI was making lower highs. The last two candles have been indecisive. If the next high is lower than 75.02 and if 74.42 breaks down, some weakness can be expected. This would become a head and shoulder pattern. A short position can be taken if the next high is confirmed to be lower but the best trade would be after a break down of the...
Scenario 1 : Continues the Head n Shoulder breakdown (can you spot Head and Shoulder?) to achieve T1
of Head and Shoulder breakdown target &
200 EMA Support. If breaks further,
then T2 can be achieved which is a support of 2 hammers printed previously.
Scenario 2 : If it does not break and open flat or gapup,
it may consolidate here before breaking down....
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.
Possible Top is formed with Fake Breakout and strong inverted hammer.
View : Sideways to Bearish
Resistance @ 74.75 Support at 74
Short Straddle 74.75 or 74.5 Strike is possible
Or my favourite Bear Call Spread.
Sell 74.75 CE and buy 75 CE
this must be done on bounce, if we get one for this week's expiry.
Now I told it Last year that its high likely will Go up side towards 83.50/83.25 or May be more exact pin point in Currency segment is not Possible
Now again I am posting it in Monthly Chart and Trying explain in simple manner , its Going for its Last Move up to 84 (tentative round figure)
One can Look for position them self with Mandatory Trailing stop in...
74.63 is proving to be a strong resistance and given the last bullish candle, will show up move. Extremely volatile price movements have been noticed given the candle sizes and the price managed to break out of the previous zone of consolidation.
Likely prices for next week
Rate Max ...