USDINR has been moving down since it hit the life time high of 68.8 in August 2013. It breached the psychological support of 60 on the back of Loksabha Education. It has been in the range of 58-60 for past month. If we take the Fibonacci Retracement from the lows of 51.36 to the high of 68.8, it can be seen that the currency pair is currently testing the important 61.8% level. A breach of this level indicates reversal of the previous move. I however feel that time being this level is going to hold its strength. The monthly RSI is also near an important support, thus supplementing an up move.
On the weekly charts we can see a clear Morning star pattern, indicating a bullish reversal in near future. I expect the currency pair to move towards the 61 level in near future.
call given at 59.115 now the pair is at 60.50.Gain of 2.34%
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