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...
Dear friend's
i don't trade this pair. and this is just my opinion and nothing else and this one is by TV users request. hope this analysis helpful for people who have trade this pair.
indian ruppie has been break the bullish movement. it seems ruppie pullback on the trend that break.then move to first support line that i draw.
kind regards,
psalehi
