USD/INR: Trapping both buyers and sellers
USD/INR’s daily chart shows the currency pair is trapping both buyers and sellers.
A symmetrical triangle breakout confirmed on April 21 was short-lived. On similar lines, the breakdown confirmed on Thursday ended up trapping sellers on the wrong side of the market.
Thee daily RSI is now trapped in a bearish channel.
I would buy once the RSI breaches the top end of the falling channel. That will likely power a sustained break above 77.
Alternatively, Thursday’s low of 74.93 is now the level to beat for sellers. A violation there would confirm a bearish reversal.
A symmetrical triangle breakout confirmed on April 21 was short-lived. On similar lines, the breakdown confirmed on Thursday ended up trapping sellers on the wrong side of the market.
Thee daily RSI is now trapped in a bearish channel.
I would buy once the RSI breaches the top end of the falling channel. That will likely power a sustained break above 77.
Alternatively, Thursday’s low of 74.93 is now the level to beat for sellers. A violation there would confirm a bearish reversal.
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