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.
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.
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