In the video I'll talk about the USDINR Forex pair or the Indian Rupee. The Rupee took a large tumble recently, we're going to take a look at the USDINR pair chart & give you an update on what's happening with the trend that we've seen recently. I'm also going to take a look at some of the major/critical resistances & supports & name them for you in this video.
The USDINR pair has remained in a wedge since we last looked at it in Feb 2013, just before the budget. A recent intermediate down trend began at the break of support at 54.37, now it is to be seen how far this trend takes us. We see a topping possibility in the pair but it has yet to break critical support, which is now at 53. If and when the support at 53 is broken, we'll see USDINR slide further lower rapidly with significant support only at 47.29. On the upside we do not see anything happening soon until the break of resistance at 56.2 with a significant close above it.
For now the intermediate trend in USDINR is downwards & since the possibility of topping is high the long term trend is also downwards with the following supports and resistances.
S1 - 53 R1 - 55.45
S2 - 47.29 R2 - 56.2