Usdinranalysis
USDINR in a consolidation / distribution phase?Currently after the recent run-up OANDA:USDINR is in a consolidation phase.
But if it breakdowns, then it could re-visit it's previous demand zone, before resuming it's uptrend again.
USDINR may be heading up soon.USDINR looks all set to break out from a triangle formation. We can expect a rally towards 77 levels.
Break below 74.90 would invalidate the outlook.
Monthly Chart of USDINRMonthly Chart of USDINR:
As seen from the Monthly Chart of USDINR, the currency is trading in the Rising Channel pattern since 2013 to till date.
In the month of April-2020 the currency has hit the Upper part of Channel around the levels of 76.50-77.00 and retraced.
The currency has formed a Shooting star Candlestick pattern around the resistance levels on Monthly chart.
If this pattern is to hold then we may see appreciation in the Currency.
1st Support lies around the levels of 74.00-74.50 and if it is broken then 2nd support lies around the levels of 72.00-72.50.
Resistance lies around the levels of 76.50-77.00
For educational purpose
USDINR Price expected to rise from hereUSDINR pair is range-bound since 1 year and before a major move price expected to touche the resistance around 71.800 mark
Weekly Chart of USDINROn Weekly chart USDINR Currency pair is forming the Cup and Handle Pattern. 70.00-70.50 on downside and 71.75-72.25 on upside are significant levels to watch. Also it is trading near to trend-line resistance. It seems that USDINR will break out on upside.
USDINR TGT 72.20SEEMS USDINR Targetting 72.5 and more.........
if Closes Below 71.2 Reverses
Strict SL 70.30
Be Carefull Have a Watch on RSI also..
USDINR Good Opportunity to shortUSDUNR has been week due to global cues. All cross currencies are gaining opposite to USD which will help to strengthen the rupee in upcoming week. This week i will be bearish on USDINR for the TGT 66.5237 and 66.1413
