Possible cypher formation on USD/INR pair.
CD leg in the making, but needs to climb and see a daily close above the trendline resistance and previous support (broken previously) around 66.7812
The initial targets for an expected bullish move remain at the 38.2% and then the 61.8% fib level for the CD leg.
The current daily candle is signalling indecision....
Nice rebound from a larger rising trend line..with daily RSI at 60.00 pointing upwards.
Long as long as support at 66.7+ is intact for target of 67.50 with stops below 66.50
USDINR showing consolidation and potential breakout as it experiences strong support at 2 year support trendline. RR ratio 2.31. If prv high is broken 71 is possible.
USDINR is right against the downtrend mode offering a very low risk opportunity to go short if we get a new daily low.
The first entry, has a tighter stop, so risk half on this one, and half on the larger 3 atr stop entry.
There are two possible targets, one at 65.44 and the other longer term target at 64.2882.
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Traders,
A nice trade here at a key action level. We have a nice bearish engulfing signal at the historical support resistance zone, and strong Fibonacci ratio confluence, reinforcing we have hit a resistance ceiling we can short off of.
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DX (Dollar Index) – Can it spill out the beans for India Nifty.
(This technical story connects you to GBPUSD-cable, USDINR & India Nifty).
Since 2011 March, DX has travelled in an impulsive manner till March 2015 & since March 2015—it has been travelling into consolidation mode & appears to be shaping out a triangle pattern who’s C-leg is done.
So, any movement...
Suggested price action at crucial level.
Happy trading!
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Trade record & statistics: miud.in
Technical glimpse:
The breakdown in USD/INR continues with a renewed trending bias.
The break out above of the resistance 66.68 zone (Jan breakout/21DMA) highlights the importance of the upward targets.
Otherwise, December lows with violations confirming a deeper corrective phase upto 65.96 levels.
Upswings are healthy so far confirmed by both leading and...
