rv
Long

USDINR(Daily). Inverse Head and Shoulders Potential.

rv  
FX_IDC:USDINR   US DOLLAR / INDIAN RUPEE
347 7 8
Not a famous pair, but a potential opportunity, nevertheless.

1.5 Year Consolidation, Inverse Head and Shoulders Pattern, at 50% retracement ,
Neck_line resistance.
Price broke out from Down_Trend Line, and may be completing a potential AB=CD , short term Overbought.
Long(IF), Potential brake_out, holding above 64.0800 and retesting of the Neck_line(becoming Support) could offer a Long entry opportunity.

MACD turning up, above zero, indicating momentum increase, and ATR turning up at resistance.

Support Level at 50, 200 sma , and Uptrend_line, following through.


Good analysis.
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rv AldosamuelNadar
thank you.
Reply
IF UNABLE TO BREAK THEN TARGET AGAIN 58
BUT BLOW NECK LINE I WILL BE BEARISH
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rv Rupesh
it needs a strong break_out, to confirm, not yet there, indeed.
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is the pattern still valid and do you think we could head lower before actually breaking out.??
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rv Akshath1994
Still valid. yes we could. Currently uptrend_line and 200 sma support. Needs a strong sustainable break_out, above the strong resistance level.
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Looks like an incomplete 4th, B rally.
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