USD/INR Technical Analysis

USD/INR as on 23 Apr’13 – 54.39

              USD/INR as on 23 Apr’13 – 54.39

Since from beginning of March’13, pair of USD/INR is trading in a very narrow range of 55 to 54 Rupee, just 1 rupee move in lat one and half month. In such type of scenario it is very difficult to trade. In last week prices broke out from its long triangle formation (it does not qualify for native triangle pattern, but for name sake I am using it) and again prices moved back to test the apex of the triangle.

From Feb onwards prices are trading on support of its major 200-day EMA, but there is no follow up action till date, so gradually it loses its significance, as it happened in USD/CAD last year.

RSI (14) is hovering near 50 level, which is indicative of indecision among market players, where price action is bit choppy.

From above observation, I would advise my readers to stay away from this pair, as long as it is moving within this narrow range. We’ll take fresh view once prices move above this range.

 

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