The rupee weakness continued this week and US dollar went up by 1 rs against Indian rupee. Lets checkout what the charts are saying about USDINR
On the four hourly charts dollar is trading in a upward slopping channel and is approaching the resistance line. Indicators are saying that it is overbought. This upward sloping channel is showing the typical wolf wave pattern.
If the 5th wave break the trend line resistance and starts trading back in the channel then that should be the opportunity to go short for the target up to 62.5
On the weekly chart USDINR is going through an upward sloping triangle formation. 64 is a strong resistance as per the weekly charts. The derivative data is showing May contracts having highest open interest at 64, suggesting the same thing that 64 is a difficult to break level. Any weekly close above 64 will open the doors for 66-68 levels. 64 is the key level to watch.
Disclaimer: This post is for information purpose only, not any trading advise. Readers are advised to do their own research or consult their financial advisor before taking any position.