USDINR - Rectangular pattern on daily chart

USDINR - Rectangular pattern on daily chart

Ankit Nagpal
30 Jul 2018   5:54 PM
Myforexeye Research Report

USDINR:- Analysed the daily chart of Dollar Rupee, which is actually not giving any clear direction for  further move(except a narrow 80-90 paisa range, as of now). A kind of Rectangular pattern - (which is actually not the exact formation, as the lower base is shifting little down) is formed on dailies of USDINR, with a 90 paisa range (69.13 to 68.20 approx). The resistance of same is at 69.13, while the support of this pattern stood at 68.15-20 (which seems to be rock solid) - as 50 day Exponential Moving Average is also somewhere close to that region only (at 68.14 mark). Momentum indicators - Relative Strength Index (RSI 14) and Moving Average Convergence Divergence(MACD) are on neutral mode, as RSI is at 53 and MACD is overlapping with Signal line. In near term - the pair should remain in that range only(68.15-20 to 69.13), until a either side breakout will happen.