USDINR: How Pullback is Reversed and Market Respected Buying Zone

  • Market Overview

In my previous article, We analyzed how the trend is going to be in the future for USDINR and stated the same as below "
In the last year, USDINR did reach around 77.010 levels in April 2020, now we could see the retracement of more than 60% in terms Fibonacci series.

One can initiate buy calls when USD INR respects the support which is at the level of 74.197 spot price. We should always have a negated view if this level breaches downside, consider it to be a double top pattern and go for short or short every peaks. So we may have to consider the below range as buying range if it is sustained in upcoming days. Buying Range comes around 73.8 and 74.2.

As we have seen today (April 19th) our buying range has been respected by the Market and we were able to see some upside which is almost engulfed the pull back trade that was happened on (April 16th). So what is expected to happen next?

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