We have been Discussing USD INR analysis in past few weeks and as shown in below chart we were able to capture the top and also the whole moved which happened. Rupee in longest gaining streak against US dollar in 18 months down 220 Pips in single week.
Reason For Crash
Benchmark Brent crude prices were down below $62 a barrel after US inventories swelled to their highest since December. The sharp fall in global crude prices – down over 25% since reaching a four-year high of $86 on October 3.
The fall of the US dollar against a basket of six major currencies also helped support the rupee’s rebound. The dollar fell for a second day running as investor worries mounted about slowing global growth.
As per above chart price looks ripe for a move towards 69.77 and 68.95 where strong support lies for USD INR.
Level of 68.95 should be closely watched any close below it we can see fall all the way till 67.54/66.14
Major Trend Change date for INR for November
- 07-Nov-18– Bottom
- 19-Nov-18– Top
- 22-Nov-18– Big Fall
- 26-Nov-18
Weekly Trend Change:70.61
Weekly Resistance :71.14,71.62,72.5
Weekly Support:70.22,69.77,69.2
Levels Mentioned are for Nov Contract of USD INR