USDINR-61.08

USDINR has moved above 200 day EMA, after nearly five months. The movement above 200 day EMA is bullish for USD and we can expect the INR to depreciate in the coming weeks.Rupee has been finding resistance at the sloping trend line indicated by three blue arrows in the above chart three time in last six months. Now also it has retraced from that but the retracement is not so harsh indicating that we might start the up move once this down trend or slight correction is over. Rupee has been finding resistance at the sloping trend line blue line for last six months three times in last six months(indicated by blue arrows). Once this trend line is taken out we can expect a healthy movement in USD towards an all time high. will it go there it appears to be so till it maintains above 200 day EMA. So we have to wait patiently for the price to move above the trend line.

M.Mahiidar

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Trend is Friend.