Last week we broke out of the multi-day balance on Thursday and the imbalance carried the USDINR to 67.62 and 67.81 as we had pointed out in last week’s post.
Here is that post: http://vtrender.com/usdinr-jan-f-weekly-view-with-tradeable-levels/
For the coming week:
All levels discussed below are Jan F
a) We are looking for a consolidation between 68.06 and 67.41 in the coming week.Both highlighted in the chart above.
b) For the up move to continue we want new business to come and a confirmation of that will be when we get past 68.06 F. In that case, the USDINR would move to 68.38- 68.46.
c) Last week’s business is all new longs and they will look to defend 67.41 in the coming week. However if 67.41 does not support then the USDINR can drop to 67.08 again.
d) A fall below 67.05 in the coming week would mean long liquidation and can drop the index to 66.21 also.