The USD/INR (Indian Rupee) pair triggered a bullish wedge pattern recently and entered into a consolidation.
The price is now trading near the 38.2% Fib level which aligns with a horizontal support level, signaling a potential continuation of the underlying downtrend.
Notice that the pair hasn't reached the profit target projected by the wedge pattern yet,...
USDINR seems to have completed a 5 wave move as per ending diagonal pattern shown as 1-2-3-4-5, and also an impulse wave of higher degree shown as (1)-(2)-(3)-(4)-(5). Can expect a fall to 70.41 by 30/08 - 04/09
A move above 72.30 invalidates the pattern.
Wave count in Nifty too supports short term weakness.
Since, USDINR is taking full strong support at 70.90 levels. Hence, one could go long once price reaches at this levels with the strict stop loss
70.60
strong previous bearish highs but, it's not an easy setup - needs close attention. Bearish interests due to price highs, but having strong support areas.
Ranging market.
> USDINR touched the upper 100-MA and it is tumbling down which will attract new short positions.
> 70.6 seems the first target to aim at.
> downside is, if the price gets above the MA it might lose the momentum.
Time to go super long .
indicators are all a go !
Rsi pointing upwards with nice consolidation above the average .
a nice little bull flag gives us the targets of 72 and up .
The Rising Wedge in Uptrend - Not much movement on the higher end while it is making higher lows
Price Action - It is near the monthly supply which could act as a short term top.
SL - 72.5 (RR 1:1)
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