Rudra Shares and Stock Brokers
As expected, a bullish trend in Indian Rupee (INR) has taken a pause and sideways movement has been witnessed in the week gone by.
As the target of Head and Shoulder pattern has already been achieved, the US Dollar (USD) was also expecting a bounce back as per technical parameters after trading in an oversold territory and eventually resulted in a pause in an ongoing bullish trend of Indian Rupee (INR).
In coming week as well, the traders can expect the INR to remain subdued with a negative bias as on daily chart USD/INR currency pair has formed “Doji” candlestick pattern at the support levels and 5 bar positive divergence in RSI is providing a further strength to the pattern.
Apart from daily time frame, the weekly chart has also formed “Doji” pattern after three consecutive red candles; which is reflecting that bulls in USD are expecting a mild depreciation in Indian currency against USD in short term and we could see the INR melting up to its 20 Day Moving Average which is placed at 69.