Spot USDINR: Buy Above 64.30 | Stop @ 63.50 | Target @ 65.80 — 67.30

Spot USDINR: Buy Above 64.30 | Stop @ 63.50 | Target @ 65.80 — 67.30

Spot USDINR Outlook Weak

The technical chart of Spot USDINR shows Bull Flag  Pattern formation. USDINR was trading in range of one Rupee where the support was at 63.30 and resistance at 64.30 level. Rupee has risen from 61.30 seen in Feb 2015 and tested the high of 64.30 seen in May 2015 before entering in the range trading. This has given Bull Flag pattern Formation.

As per the chart pattern, if rupee sustain its trading above 64.30 level will give breakout of the Bull Flag Pattern and will get weaker again the Dollar.

Height of the Pole is 3 rupee from the lower level of 61.30 to the higher    resistance level of 64.30. Crossover above 64.30 will bring the higher target of 65.80 which is the 50% of the Pole and 67.30 which comes to 100% of the pole height. However, if it reverts from the current level of 64.21 then prices could fall to 63.50 levels.