Understanding the trend of USDINR with the help of basic as well as advanced Technical concepts.
In the year of 2016 USDINR tested twice the level of 69 (spot) level however it failed to take out 69.22 (spot) which is the high of 2013. After the same in the month of November 2016 when Demonetization was announced Indian Rupee took U turn against US Dollar and since then appreciation has continued.
In last 5 months we have seen appreciation from 69 (spot) to 65.22 (spot) till now. Recently prices have given breakdown below the consolidation pattern which suggests there might be medium term trend reversal in this currency pair. So what strategy traders should adopt now?
Below we have shown part of research taken from “The Forex Waves Short Term Update”.
USDINR Daily chart spot:
(Part of research taken from today’s morning report)\
(60 mins chart is not shown purposely which is in original report)
As shown in 60 mins chart, currently prices have arrived towards the black support line and we can see that the downside momentum is reducing which suggest that price action in the upcoming session will be crucial to watch. However the trend will continue to be negative as far as the pivot resistance of …(fut) levels is intact. One can expect sideways action to relieve the oversold state of RSI. In short, USDINR trend remains negative with …
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