Currency USDINR Outlook - 24.05.2022
Currency USDINR Outlook - 24.05.2022
Currency USDINR Outlook - 24.05.2022
Tracking the weekly global and domestic markets, USDINR pair started the week with gap up marking fresh all time high of 77.88 levels. Post that due profit booking pair gradually trimmed the gains and slipped till the low of 77.52 and on final day pair showed slight recovery and finally ended the week at 77.70 with nominal gains.
On the weekly technical chart, USDINR pair formed a “Hanging man candle stick” and surpassed upper range of the Ascending trend channel during the week and ended on the verge of above the channel.
On the downside, previous all time high of 77.06 would act as an immediate support as long as it holds above that uptrend remains intact. On the higher side resistance are placed at 79.00 then 79.80.
RSI (14) and stochastic have extended till 68 and 92 levels respectively and suggest overbought scenario.
Hanging man candlestick pattern on weekly chart suggest bearish reversal, therefore USDINR pair may dip till supports of 77.06 and traders can use this opportunity for initiating long positions near 77.10.
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