This Week USDINR - Outlook : 18.11.2019
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* USDINR pair started the previous week with a gap up opening at 71.40 and from there extended till the high of 72.31 and during late sessions it witnessed some profit booking and finally settled at 71.87.
* As expected, pair witnessed sharp bounce after penetrating the descending triangle pattern and
extended till the long term trend line resistance of 72.31 and ended just above the immediate support
of 71.80. Going forward, the pair is likely to extend its up move till the immediate swing high resistance of 72.62 then 74.00 as per triangle pattern targets.
* The momentum indicator has surged till 62 mark on weekly chart and the stochastic indicator which is on the mixed not is once again heading towards the positive cross over indicating bullish signs.
* Looking at the above analysis, we expect USDINR pair could continue it gains till the resistance of
72.62 then 73.20 levels in this week and thus we advice buying on minor dips around 71.80 levels.
* As expected, pair witnessed sharp bounce after penetrating the descending triangle pattern and
extended till the long term trend line resistance of 72.31 and ended just above the immediate support
of 71.80. Going forward, the pair is likely to extend its up move till the immediate swing high resistance of 72.62 then 74.00 as per triangle pattern targets.
* The momentum indicator has surged till 62 mark on weekly chart and the stochastic indicator which is on the mixed not is once again heading towards the positive cross over indicating bullish signs.
* Looking at the above analysis, we expect USDINR pair could continue it gains till the resistance of
72.62 then 73.20 levels in this week and thus we advice buying on minor dips around 71.80 levels.