USDINR weekly close at 61.38 after being boxed in a 61.80 - 62.90 range for a good 9-10 trading sessions is bearish for USDINR. A double top formation on the daily chart indicates an immediate downside target for the pair at 60.70. Monthly, weekly and daily charts indicate further bearishness on the rupee. One can go short with stop loss above 62.00.
The specific focus of the Blog is on Global and Domestic interest rates and currencies market. I look at fundamentals to define my bias and corroborate that with a study of price action to put on high conviction trades. The views and opinions are those of author and author alone. ~ Author: Vaishali Bagchi
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