USD INR
- As per previous report published on USDINR , Currency made a bullish breakout by closing above its golden ratio resistance, but USDINR failed to move up further and fell down after that. (Click here to see previous report published on USDINR).
- Now current chart indicates that stock USDINR is moving in a up channel formation, this indicates that as long as USDINR moves in channel formation it will be favored by bulls, but currency is trying to come out from it channel as shown in technical chart no1, Close watch currency will find small trend line support around 60.40, if USDINR closes below 60.40, then currency looking weak for next few trading days.
- Intraday tips - If USDINR starts trading below 60.40 during trading hours then bears may get active and can see some weakness.
- Suggested Reading - EURINR is moving in a down channel, will favor bears as long as moving in channel.
- As pe graph no2, USDINR is trading below 20 DMA , this indicates that as long as it is moving below 20 DMA it will be favored by bears and can test lower bollinger band, if USDINR closes above 20 days moving average then it will show first small sign of bulls.
- If USDINR falls from current levels then currency will find support around 60.40, 59.80, 59.00 & 58.35 as shown in graph no3.
- As per monthly chart, currency has formed doji, this usually indicates change of trend and sharp movement. Close watch in coming days we may see some sharp moves in USD INR.
- Click here to see all the forecast (trading tips) reports published by us on USDINR.
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