$USDINR - Pullbacks at this point in time should continue to offer value, and the 50-Day EMA should be short-term support.
As things stand right now, it looks like we are going to threaten the ₹82.50 level, and then after that the ₹83 level, an area that has been significant resistance.
That being said, it probably does not take too much in the way of imagination to see that the market might be forming a bit of an ascending triangle, so breaking above the ₹83 level could really get this thing going.Pullbacks at this point in time should continue to offer value, and the 50-Day EMA should be short-term support. Underneath there, we have the ₹81 level, which obviously causes a lot of support based on the balance that we have seen there.
If we were to break down below the 200-Day EMA then the market could drop rather significantly, perhaps down to the ₹78.50 level underneath, an area that’s been both supportive and resistant in the past and of course has a certain amount of market memory attached to it. With that, I think anything below the 200-Day EMA since the market to that level, anything below that level kicks off a major downtrend but with the way the US dollars performing, that seems to be very unlikely at this point in time, especially against emerging markets.
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