This Week USDINR - Outlook : 25.11.2019
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* After two weeks of massive gains, last week USDINR pair traded in subdued range of 71.85 – 72.35 mark and finally ended the week on flat note forming Doji candle stick pattern on weekly chart.
* In the penultimate week, USDINR pair gave bullish breakout by penetrating the descending triangle
pattern. Hence, according to the pattern the bullish trend will remain intact. However, on the higher side it tested the resistance of long term trend line in the prior week. Therefore, ahead we could anticipate a minor correction till the supports of 71.50 levels.
* The momentum indicator RSI has been stuck in a sideways range and stochastic is heading towards
positive cross over on weekly chart.
* Hence, looking at above analysis we expect UDINR may witness minor correction till the supports of 71.50 and thus recommend buying around on dips for upside levels of 72.35 then 72.90.
* In the penultimate week, USDINR pair gave bullish breakout by penetrating the descending triangle
pattern. Hence, according to the pattern the bullish trend will remain intact. However, on the higher side it tested the resistance of long term trend line in the prior week. Therefore, ahead we could anticipate a minor correction till the supports of 71.50 levels.
* The momentum indicator RSI has been stuck in a sideways range and stochastic is heading towards
positive cross over on weekly chart.
* Hence, looking at above analysis we expect UDINR may witness minor correction till the supports of 71.50 and thus recommend buying around on dips for upside levels of 72.35 then 72.90.