Monday, June 17, 2013

USDINR - Technical Update

  1. USDINR reached both HnS targets. (This pattern is really potent when it plays out.)
  2. And as with any rapid rise a pause is always good.
  3. We get a better idea by looking at the weekly chart below.
  1. There is a rising wedge type pattern forming on the charts.
  2. We have actually reached the upper channel boundary of the pattern too, so again prices may pause a while.
  3. Now technically we have reached the targets but there is a possibility of another leg up once this consolidation is done with.
  4. Also a possibility of a parabolic rise is there if prices take out the upper channel boundary of this rising wedge pattern.
Right now a pause is in order, which might give equity markets some respite. We have to keep a close eye on the pattern which may form during this consolidation, to get further insights in the markets.

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