USD/INR - Possible Cypher, Keep an eye on 38.2% & 61.8% Fib CD
Possible cypher formation on USD/INR pair.
CD leg in the making, but needs to climb and see a daily close above the trendline resistance and previous support (broken previously) around 66.7812
The initial targets for an expected bullish move remain at the 38.2% and then the 61.8% fib level for the CD leg.
The current daily candle is signalling indecision. Fundamentally, the press speculation on the Indian Governor Raghuram Rajan, and the GST (single tax) debate are the key points to take into consideration.
Globally, 'brexit' and a falling dollar are the key risks for the Indian currency.
The bullish argument fails if we see a break and close below the uptrend line around 66.45-47 zone.
CD leg in the making, but needs to climb and see a daily close above the trendline resistance and previous support (broken previously) around 66.7812
The initial targets for an expected bullish move remain at the 38.2% and then the 61.8% fib level for the CD leg.
The current daily candle is signalling indecision. Fundamentally, the press speculation on the Indian Governor Raghuram Rajan, and the GST (single tax) debate are the key points to take into consideration.
Globally, 'brexit' and a falling dollar are the key risks for the Indian currency.
The bullish argument fails if we see a break and close below the uptrend line around 66.45-47 zone.
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