USDINR is looking bullish due to 2 reasons. First, a lot of tails are visible and tails are a sign of demand and we can expect the price to move higher with momentum. Second, a previous up move. During March, there was a strong rally towards 77 level and from there price is consolidating in a falling parallel channel. This structure is similar to a bull flag and hence we can expect that the breakout from the channel will result in a bullish move. Price is bound to consolidate and correct after a rally and this is a very common phenomenon. A correction is a great way to enter a bullish stock/indice/forex pair or any other instrument as you get a better price. This analysis is just my observation and not a recommendation. Trade with proper risk management!
I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏
I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏
