Technical view by Nooresh

USD-INR – Approaching a strong barrier







A Rising wedge pattern is visible on daily chart of USD-INR which if broken on the downside can have bearish implications. Along with this there is a strong barrier in 55.5-56 zone that contains a convergence of Trendline resistances which should act as huge resistance for USD- INR in coming days


Sell USD-INR between 55.10-55.25 add shorts on rise to 55.5-55.75 stoploss 56 on closing basis and targets 54-53.5 in short term. Momentum on the downside if USD-INR closes below 55.






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{ 2 comments… add one }
  • Rajesh November 26, 2012, 16:10


    It seems you did not get this one perfectly. The rising wedge, is more like a upward channel, rahther than a rising wedge. Joing the tops when rupee hit 531.15(10/11) & 53.82(today). I had seen this post on the twitter account of @thefallingwedge (another superb blogging site and twitter update site for currencies), and was tracing it since then.

    the guys have a blog also ,

    Awaiting a contra post of the chart!

    • Nooresh December 1, 2012, 15:56

      The rising wedge seems to be now on a breakdown.


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