Please refer to the instructions to read the chart in the post made on 23rd May : http://www.vtrender.com/content/composite-picture-usdinr
In the previous chart we saw that the move was extended and was above the 2SD line of vwap. It meant that those longs were not enjoying value and could be pushed out easily.
We also spoke about 55.54 as the first objective which was met today.
Today's downmove halted at the LVN in pink shown in the above chart.
Below this level we will see a movement towards 54.65 mentioned ion the previous post.
The scenario is still a classic reversion to the mean set up after a parabolic move higher. As noted the short term was extended and once the index pulls down it will be a classic buying opportunity for higher levels .
Longer term we see 53.75- 53.97 as strong support for any falls and as long as these two levels are protected, this index has a big risk to run even higher.