The long-term uptrend is under serious pressure. The recent sell off and ensuing bounce has left a new lower peak well below the MA200. This, together with the ‘death cross’ of the MA200-50 suggests a major trend reversal is getting underway. Note the bearish developments of the USD versus most other crosses (except the feeble EUR). Overall, chances of a break below 66.85 are big and thus warrant a new short-entry strategy once taken out.
This outlook remains valid as long as 68.28 holds as new key resistance.
- Current trend: moderately positive (late phase)
- Outlook/expectations: trend breach, major trend reversal
- Strategy: enter-short < 66.85
- Support: 66.85 / 65.75 / 64.55-
- Resistance: 67.60 / 68.28 / 68.92
Weekly chart USD/INR (spot)