USDINR - Daily - Some breathing space for the bears?
Trade Alert
USDINR is now moving away lower from its all-time highs near the 72.90, which was reached today. As we can see from the chart, the pair continues to trade above a few upside lines. For now, the main focus will be on the steepest short-term upside line, taken from the low of the 9th of August. If USDINR reaches that line and bounces off of it, this could get picked by the bulls, who could then drive the pair back up towards the all-time high level, or even higher.
Even if the a break of the aforementioned upside line happened, still the bulls could have a good opportunity to jump in near the medium-term upside trendline, taken from the low of the 10th of April.
Please see the chart for more details.
Don't forget your SL.
USDINR is now moving away lower from its all-time highs near the 72.90, which was reached today. As we can see from the chart, the pair continues to trade above a few upside lines. For now, the main focus will be on the steepest short-term upside line, taken from the low of the 9th of August. If USDINR reaches that line and bounces off of it, this could get picked by the bulls, who could then drive the pair back up towards the all-time high level, or even higher.
Even if the a break of the aforementioned upside line happened, still the bulls could have a good opportunity to jump in near the medium-term upside trendline, taken from the low of the 10th of April.
Please see the chart for more details.
Don't forget your SL.