On WEEKLY timeframe, USDINR has hit the upper part of various parallel channels in which its moving since early 2008! Also, it could be the probable end of the 3rd wave in Elliot Wave analysis! The region of 60.9-61.4 could be a possible reversal region from where rupee could reach for a downward target of 58.35-56.5 in next 6-8 weeks!
Also, on the DAILY time frame, USDINR has made Bearish Butterfly pattern with a target of 56.75-55.8 in next 6-8 weeks! These are the levels where 50 daily moving average (DMA) also coincides. Overall technical analysis & trading strategy is to SELL USDINR as there is a possible reversal in the making for a favorable risk-reward!
Now it’s your turn…..
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