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.
The Best Time to Earn Pips from the EURUSD.
We are recommending to wait until “The German Ifo Business Climate Index” release. Check out the chart and initiate a new position.
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