Forex Market News

Buy USDINR; Target Of 68.30

The pair has shown breakout of its falling trend line at 67.50 levels on daily chart. On daily chart USDINR price has retested its falling trend line at 67.20 levels. On daily chart price has taken support of its 61.80% Fib- onacci retracement levels .
Moreover, prices have been trading above its 50 DEMA which gives the sign of bullishness in the prices. A momentum indicator RSI has been trading above 40 levels, which suggest further positive momentum can be seen in the prices.
In addition, momentum indicator MACD has shown positive crossover on hourly chart. So for trading perspective, one could buy USDINR in range 67.85 with SL of 67.55 for target of 68.30.
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