USD/INR: Angel Commodity Sees Resistance
CommodityOnline | Jul 02, 2014 10:48AM ET
Resistance could be seen at 60.30 levels and then next resistance can be observed at 60.70 levels. Price can find support at 59.60 levels and below that strong support is seen at 59.20 levels.
As seen below in daily price chart of MCXSX/NSE USD/INR July contract, it was trading between the range of 60.50 – 60.90 levels following with “Lower Top and Lower Bottom” Pattern from last couple of days, after making a recent high of 60.9075 levels.
Today, it gives a “Triangle pattern” coupled with the rising volumes which indicates reversal in the trend and also indicates the fresh entry of bears.
Indicator Analysis
On the oscillator front, 14 day RSI is falling and currently it’s reading at 44, which is also supportive for the bears.
Key Levels
Resistance could be seen at 60.30 levels and then next resistance can be observed at 60.70 levels. Price can find support at 59.60 levels and below that strong support is seen at 59.20 levels.
Looking at bearish price formation with rising volumes coupled with oscillators indicating pessimism, we recommend Sell in MCXSX/NSE USD/INR July contract.
Positional Call - Sell MCXSX/NSE USD/INR July between 60.05 - 60.15, SL - 60.70, Target - 59.20 (CMP - 60.05)
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.