A Rising wedge pattern is visible on daily chart of USD-INR which if broken on the downside can have bearish implications. Along with this there is a strong barrier in 55.5-56 zone that contains a convergence of Trendline resistances which should act as huge resistance for USD- INR in coming days
Sell USD-INR between 55.10-55.25 add shorts on rise to 55.5-55.75 stoploss 56 on closing basis and targets 54-53.5 in short term. Momentum on the downside if USD-INR closes below 55.
Regards
Ankit
Analyse India
November 26, 2012
Hi,
It seems you did not get this one perfectly. The rising wedge, is more like a upward channel, rahther than a rising wedge. Joing the tops when rupee hit 531.15(10/11) & 53.82(today). I had seen this post on the twitter account of @thefallingwedge (another superb blogging site and twitter update site for currencies), and was tracing it since then.
the guys have a blog also , thefallingwedge.blogspot.com
Awaiting a contra post of the chart!
December 1, 2012
The rising wedge seems to be now on a breakdown.