Upside Risk for USDINR in 2018
Support Trendline Channel 1 (2012 – 2017): A Solid Uptrend – It had been broken on May End
Support Trendline Channel 2 (2011 – 2018): Trying to Resume The Uptrend of STC 1
All Top Levels are Working as Strong Resistance. STC 2 is failed to hold uptrend as per Elliot Wave Signal.
As per EW, the upcoming target is 67.464 – 66.254 – 65.897 – 63.717 levels.
Caution: Top breakout can make this pair unstoppable upside. That’s why I named Strom’s Initiator on above chart. We may see these levels: 69.450 – 70.291.
USDCAD NEED CORRECTION?
On USDCAD Index 50% Correction awaiting ahead because it had overbought in the previous week.
The Technical Indicator STOCH (14, 14, 3, 3) is indicating sell signal on U.S. Dollar / Canadian Dollar pair. FX Traders could take profit at 1.31954 – 1.30478 – 1.29520 levels.
Its price can hike if USD CAD index crossover or close above the resistance level (1.34378), you can see the 1.35500 – 1.37788 levels.
What had I written about the EURINR index in the previous report? First, click here
What had I strongly recommended about USDINR @JUNE 4, 2018, 10:56 PM (IST)? click here
Technical Report of USDINR Pair
We have already recommended waiting for the crossover levels.
Bullish side rally will initiate after the crossover of 67.186 level. It will over after breakout of the following target: 67.492 – 67.852 – 68.105 levels.
Solid Support: 66.818
USDINR touch all the targets: 67.492 – 67.852 – 68.105 levels.
Strong Resistance: 79.0064
But don’t sell after the breakout of the resistance level. Why? Because of technical indicators are indicating a solid uptrend after this level breakout. It can be up to 80.1007 level.
*Events : India Nikkei Services Purchasing Managers Index (PMI)
On yesterday, EURINR has made high 80.1855. It means, EURINR hit our target 80.1007 level.
What will happen now? Further information about NSE and global currencies will update for premium subscribers on market hours.
USDCHF chart analysis for smart traders, find your position in the chart and trade safe.