it seems an ending diagonal has formed and a bear divergence on the rsi can favor a bearish dip. it might open a new door to big players accumulate but if price really holds 70.65 and 70.32. otherwise it will drive into bearish trend. following long time frame usdinr does not look it will enter into bear trend certainly as usdinr having no favorable sentiment. Indian market is in negative sentiment since jun and july and still driving lot of institutions into crazy.
downside target is 70.62, 70.32 and 70.
Reason: Confluence
1. On the rsi we're having a strong bearish divergence.
2. there's seems to be an ending diagonal but not confirmed.
3. price confirmation at 1.272 fib level drawn from may 13 high 70.76 to low july 11 68.13.
I've randomly mentioned some of my previews analysis on USDINR if you have time to check then good luck.
downside target is 70.62, 70.32 and 70.
Reason: Confluence
1. On the rsi we're having a strong bearish divergence.
2. there's seems to be an ending diagonal but not confirmed.
3. price confirmation at 1.272 fib level drawn from may 13 high 70.76 to low july 11 68.13.
I've randomly mentioned some of my previews analysis on USDINR if you have time to check then good luck.
