This Week USDINR - Outlook : 02.12.2019
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* In the last week USDINR traded on a very volatile note, after opening at 71.74 it slipped till the low of 71.40 and from there it slowly reclaimed higher till 72.04 and finally settled with minor gains at 71.90.
* Currently, USDINR pair is witnessing resistance around 72.15 of the long term trend line, which
tested was tested in the penultimate week. On the other hand the pair has given bullish break out by
penetrating the descending triangle pattern in the prior weeks. Hence, surpass above the trend line
resistance of 72.30 will propel till 73.60 then 75.00.
* The momentum indicator RSI has moved slightly in the last week and stochastic indicator has made
fresh positive crossover signifying bullish signs.
* Hence, immediate resistance on the higher side is placed at 72.40 and surpass above that will extend towards the triangle pattern targets of 73.60 and higher. Thus we continue hold our bullish view and advice buying around 71.40 levels for the week.
* Currently, USDINR pair is witnessing resistance around 72.15 of the long term trend line, which
tested was tested in the penultimate week. On the other hand the pair has given bullish break out by
penetrating the descending triangle pattern in the prior weeks. Hence, surpass above the trend line
resistance of 72.30 will propel till 73.60 then 75.00.
* The momentum indicator RSI has moved slightly in the last week and stochastic indicator has made
fresh positive crossover signifying bullish signs.
* Hence, immediate resistance on the higher side is placed at 72.40 and surpass above that will extend towards the triangle pattern targets of 73.60 and higher. Thus we continue hold our bullish view and advice buying around 71.40 levels for the week.