We tried to gauge the USDINR based on the World's most tradable currency i.e EURUSD . Below are the following reasons
(1) EURUSD trading near its rock solid weekly support of 1.0746 i.e forming a falling wedge
(2) Below RSI is trading at its monthly support levels
(3) USDINR is facing a stiff resistance at rising resistance line near 76.32 levels.
(4) We assume a minor retracement of 3% in USDINR i.e till 75.30-74.70, which will be positive for Indian Markets.
(5) EURUSD to rise till 1.1034 levels which means positive for Gold price.
Above analysis is purely for an educational purpose only
(1) EURUSD trading near its rock solid weekly support of 1.0746 i.e forming a falling wedge
(2) Below RSI is trading at its monthly support levels
(3) USDINR is facing a stiff resistance at rising resistance line near 76.32 levels.
(4) We assume a minor retracement of 3% in USDINR i.e till 75.30-74.70, which will be positive for Indian Markets.
(5) EURUSD to rise till 1.1034 levels which means positive for Gold price.
Above analysis is purely for an educational purpose only