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Forex - USD/INR the new up move

23/6/2013

1 Comment

 
Picture
The USD/INR currency pair remained sideways for the last 12 months. Within this sideways zone, from April to May, it attempted to begin a new down trend but failed to breach the critical support at 53 & bounced back from 53.5 to signal a new up-trend.

The new upward move began at a close above 54.95 in the month of May. Important resistances at 56.9 & 58.5 have been breached successfully & quickly. Since the up-move has been quick without any consolidation so far, the stop-loss for this move still remains at 53 but we’ll see this changing rapidly over the coming weeks. The pair is in an upward trend with supports at previously breached resistances & as listed below.

Supports – 56.9, 55.45, 53
Resistance – 58.5


We might see a little consolidation over the coming weeks & then again a continuation of the uptrend.

1 Comment
Stock Tips link
3/9/2013 03:24:39 am

i would like to thank you for the great and informative entry.I have to admit that I have never heard about this information I have noticed many new facts for me. Thanks a lot for sharing this useful and attractive information and I will be waiting for other interesting posts from you in the nearest future

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