As per our Last Analysis We saw the bounceback is USD INR and price reaching all the way till 71.3 above our Weekly Level of 70.3 and had shown a perfect bounce from gann angle.
71-71.3 should be closely watched in coming week as its very strong resistance not able to cross we can see downfall all the way till 70/69.1
Reason For Crash
Benchmark Brent crude prices were down below $60 a barrel after US inventories swelled to their highest since December. The sharp fall in global crude prices – down over 25% since reaching a four-year high of $86 on October 3.
The fall of the US dollar against a basket of six major currencies also helped support the rupee’s rebound. The dollar fell for a second day running as investor worries mounted about slowing global growth.
Level of 69.1 should be closely watched any close below it we can see fall all the way till 67.54/66.14
Major Trend Change date for INR for November
- 05-Dec-18– Small Bottom
- 11-Dec-18
- 23-Dec-18
- 29-Dec-18
Weekly Trend Change:70.75
Weekly Resistance :71.35,72.03,72.72
Weekly Support:70.1,69.32,68.88
Levels Mentioned are for Nov Contract of USD INR