As per our Last Analysis INR continued its correction and made a fresh high of 69.78 As seen in below chart from high of 74.45 we saw a waterfall decline towards 69.78 price showed a perfect move from 1 gann angle to another.
69.1 should be closely watched in coming week as its very strong support and holding the same we can see relief rally towards 71=72
Reason For Crash
Benchmark Brent crude prices were down below $60 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.
Level of 69.1 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
- 05-Dec-18
- 11-Dec-18
- 23-Dec-18
- 29-Dec-18
Weekly Trend Change:70.30
Weekly Resistance :70.80,71.72,72.30
Weekly Support:69.1,68.7,68
Levels Mentioned are for Nov Contract of USD INR