Reversal Pattern in USDINR26June2013

#1
Dear All,

I have spotted 2 reversal pattern in USDINR26June2013 contract.
On 1 Min chart it shows double top.
And on 1 hour chart a clear "Evening Star" is about to form if we have a red candlestick on date 12-06-2013. (Means Today).
On the 11th June you can see there was a doji with a huge volume.
There was a major indecision seen among the crowd.
There is a small correction likely to be seen.
If we plot Fib levels than
at 32.8 % - 57.1658
at 50.0 % - 56.5575
at 61.8% - 55.9452
I have the images for both the patterns but due to limited file size in attachment I am not able to upload it.
If anybody requires the images please let me have you email id's and I will send it to you.

For all the masters please do comment on my thread.

Regards,
Ronak
 
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ashu1234

Well-Known Member
#2
Hi,
You can upload your charts through tinypic.com.
Yes some correction is due, max .70 paise correction from todays close.
I'm attaching spot chart of daily tf.


Rupee depreciation is longer here to stay, I have given some of my view about it here, hope it might interest you. Waiting for 62$ on upside.

http://www.traderji.com/metals/87727-gold-import-duty-hiked.html
 
#3
Dear All,

1 Minute chart, 15 minute, hourly and Daily charts after the end of 14th June 2013.

Can we see a red candlestick on 17th June on daily chart?

Please comment on these charts.

I will be very thankful to all of you.

Regards,
Ronak
 
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#4
Hi,

The USD/INR is a tricky one to trade at the moment, always is when trying to trade a weak currency against a weaker. Notice how the EUR/INR GBP/INR and JPY/INR moved much more than the USD/INR ever since the 28th of May.

I'm staying out until the end of the week, as by next week the market should pick a clear trend. If the Dollar starts strengthening the USD/INR will be a good pair to trade otherwise if the QE in the US starts diminishing, both the USD and the INR will be affected as the stock markets fall.

So buying other currencies against the INR will become more attractive than USD/INR.

But for now, I'm staying out atleast until Wednesday


 
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