Great to see your interest in Forex trading and would like to continue with the trading lessons. As shown in the diagram the market is in consolidation & waiting for breakout. For the last week holidays in US, thanks giving and black Friday. So there is not a major move in USD index. Similarly for Indian market there is not positive news which can make the market bullish.
For Indian currency now one of the crucial phases is election among 4 states. Delhi, Rajstan, Chhatisagadh, mizoram & MadhyaPradesh. The results are expected to be declared in this week and on next week. Professional traders are looking for only two major parties i.e. Congress and BJP. So I will suggest you go through each party’s manifesto and understand which party is favoring business in India. From my point of view if any of the party going to get majority then market will catch bullish trend, else we will have to wait for market direction and trade accordingly.
Technical analysis for this week:
- You can see the triangle formation on daily candle stick chart
- It is coming close to triangle breakout
- One breakout is confirmed we can think of a move of ~ 100 paisa as explained in the below chart.
- Levels to be looks for support 61.10 & resistance 61.63. Observe the triangle pattern breakout and follow the trend. I will keep you posted on daily & weekly.
- Go through the chart below – In case if you have any difficulties please feel free to contact us. Via email or post comment below.
Image – USDINR chart technical analysis :
USDINR Chart Analysis ………………………Market went as expected & we could easliy gain more than 20% return in a week time.
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