FX_IDC:USDINR US DOLLAR / INDIAN RUPEE
The recent upmove in USDINR looks like a corrective rally unfolding in 3 waves which suggests that there will be one more down move for the pair before we see any new highs. One can go short on this pair with stops around 70 and Targets at around 57/56 area as long term trade.. For short term trades, it will be sell on rallies. The price action suggests that the rally is over but I would still wait for short term timeframe confirmations before entering the shorts. Happy Trading!!