USDINR Bounce Incoming!
USDINR has been bouncing off a long rising trendline since early 2021, and in fact has seen what you could reasonably call a clear uptrend on the larger timeframes since 2008.
On the 12H chart and virtually all lower timeframes we're seeing oversold RSI reading, either with strong divergence (higher RSI, lower price) or flattening RSI with lower price, pointing to the current corrective wave coming to an end shortly.
We've just seen price dipping in to enter the area of support representing our long trendline and seen an immediate bounce, and we have strong horizontal support just below current price.
I think price will find support from buyers in this area and a significant move to the upside is imminent.
This is not financial advice, you are responsible for your own trading decisions.
Drop and like and follow if you enjoy the idea!
Leave your thoughts in the comments below!
On the 12H chart and virtually all lower timeframes we're seeing oversold RSI reading, either with strong divergence (higher RSI, lower price) or flattening RSI with lower price, pointing to the current corrective wave coming to an end shortly.
We've just seen price dipping in to enter the area of support representing our long trendline and seen an immediate bounce, and we have strong horizontal support just below current price.
I think price will find support from buyers in this area and a significant move to the upside is imminent.
This is not financial advice, you are responsible for your own trading decisions.
Drop and like and follow if you enjoy the idea!
Leave your thoughts in the comments below!
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