Saturday, February 02, 2013

USDINR - Technical Update

  1. A 5 wave decline can be spotted on the chart, with prices taking support bang on the lower channel boundary marked by the blue circle.
  2. One can make a case for longs at this juncture, citing very low risk to reward ratio.
  3. But I guess trading at this juncture is like playing with fire, it would be better to wait for the markets to tip their hand first.
  4. Else it has always been fun to get trapped on the wrong side and then hope for the markets to go our way!

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