USD INR .. something's cooking?

The Nifty opened near its daily chart resistance and more or less remained sideways. Be careful with longs at current juncture and book profits. . . (One in hand is better than two in the bush)

Well, long time I have not taken up USDINR on my blog, though I track it almost everyday.

It seems that the USDINR is on the verge of something big. Why ? Well please dont ask fundamental reasons..



Technically, the level of 47/- is now taking up further significance. A break above 47 should be treated as a 'neckline' break out and a sharp upmove towards 49+ levels cannot be ruled out. Currently it seems to be in the formation of the right shoulder.

Whether this really is a neckline break ... we shall know in next few days. But I presume one thing is clear, be careful before the budget... Post budget we will get good directions...

Happy trading

CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.