30 March 2019
As we can see on the daily chart downward sloping line had intersected twice, first around 74.07 levels and next at 71.56 levels followed by likely next resistance at 70.50 levels which we expect. As we can see on chart last week USDINR touched its low level which was 68.3450 and reversed from that level to touched it’s resistance line as USDINR trading in channels. The momentum indicators ( RSI & Williams%) on the short term is showing bullish sign. Hence any marginal uptick in coming weeks take it towards 70.20- 70.50. but according to monthly chart trend is bearish for long term so we are also expecting reversal from 70.20-70.50 levels. so its good opportunity to sell USDINR at 70.20-70.50 for long term.
Conclusion – As per technical analysis our first target is 70.20-70.50 for short term and looking for reversal from there with target of 67.46 for long term.
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