Indian Rupee nearing a Short term top


India Rupee has been rallying in last few days and made a new life time low today.

Fundamentally Rally in Rupee is due to 3 Reasons as mentioned

  1. Broad dollar strength,
  2. Trend in crude oil prices and
  3. Emerging-market currency movements, The way LIRA crashed has an sentimental impact on all Asian Currencies.

In Our Last Analysis  USD INR does Price Time Squaring INR Did 2 target on downside and than recovered.

As per current chart structure Indian Rupee mvoe once we broke the gann angle has been fast and furious and is approaching the important price resistance zone of 72.85-73. If Bulls are unable to cross this zone 0f 72.85-73 we can get the much awaited correction.

 

Major Trend Change date for INR are as Below

  1. 11 Sep
  2. 14 Sep

Traders with Good Risk Appetite and who are disciplined can take Shorts around  72.80-73 With SL 73.2 Tgt 72.6/71.69/70.73/70.14

Levels Mentioned are for Aug Contract of USD INR



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*