For the third consecutive week the pair saw constant buying interest and posted higher highs and higher lows. Till we see a daily close below 81.80, we can assume that the pair would continue the consolidation phase between 81.80 and 82.80. While things look favoring further up move, we may find sellers emerging around 82.80 which is closer to the steep trend line resistance. Most likely scenario would be a consolidation between 81.80 and 82.80. There could be choppy moves within this range. A close outside this range requires re-assessment of risk/direction and target.
A few more observations:
A few more observations:
- The currency pair reacting and reversing after successful attempt of the top of the break-down trend line
Presently the correlation between DXY and USDINR is not active and the Dollar Index-DXY is likely to hover in the familiar range of 101-105,
The raising upward channel indicate the broader range of 80.10-83.10
The increased volatility and wild swings likely to continue