Well, this is what happens when too many people is bullish it's not - actually it's bearish and when too many people are bearish it's not - actually it's bullish.
This is what happened today. USDINR was holding strong support at 69.50 and the market sentiment was bearish for INR as Crudeoil rising also technical suggested support at 69.48 on the down side is limited but Indian currency market closing time it broke that support with huge selling pressure and a sharp fall to 69.38 there's a last support at 69.30. Let's see Friday opening
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US crude oil trading @57.02 gained 5.03% in one day it's huge. follwing this trend #USDINR will react certainly.
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well, price did what was expected. I was early on my trade and carrying long friday expiry options saw lose on Indian currency market closing time now I closed the same trade in profit on friday market gaped up. for the future market target level still intact 70, 70.10. Nice!
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USDINR broke all major support short term bearish and can last till 69.16 and 69.