USDINR- A Story of Rise and Fall During Last 6 Months
USDINR started its upward journey on 28th Feb 2020, rising 1.27% from 71.61 to 72.52 in a single day. That rise peaked at 76.9749 on 21st April 2020.
A rise of 7.49% in less than 2 months. From there, it started making lower highs and lower lows.
Up until 1st July it found support at 75. On 2nd July it broke that support. Next support was to come at 74.5280 which was maintained till week ended
21st Aug. From 24th Aug steep fall started with breaking support of 74.52 and ended the week losing a whopping 2.38% at 73.1160.
The trend is clearly downwards and the next target is 72.05 in the coming weeks. This journey has seen remarkable recovery in Nifty.
Will the rise in the Nifty continue with slide in the USD is a question to be answered in the coming days.
A rise of 7.49% in less than 2 months. From there, it started making lower highs and lower lows.
Up until 1st July it found support at 75. On 2nd July it broke that support. Next support was to come at 74.5280 which was maintained till week ended
21st Aug. From 24th Aug steep fall started with breaking support of 74.52 and ended the week losing a whopping 2.38% at 73.1160.
The trend is clearly downwards and the next target is 72.05 in the coming weeks. This journey has seen remarkable recovery in Nifty.
Will the rise in the Nifty continue with slide in the USD is a question to be answered in the coming days.
Nota
Above idea was submitted on 28 Aug 2020. Let's review after 6 weeks:1. USDINR has not closed above the high of mother candle as on 28th Aug anytime during the last last 6 weeks.
2. It has, however, made lower lows than the mother candle's lows.
3. Can you see the trend? It is in consolidation only to move lower eventu
Nota
USDINR is range bound between 74.50 and 73.
Aviso legal
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