INR reached a low of 68.85 against the USD and has reversed as predicted, in the process making a multi year double top formation.
With the trigger line crossing below zero and INR falling below 67 mark (5 month EMA) the reversal may have been confirmed with the next target of 64 and further lower at 58.
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| USDINR Monthly |
A look at the yearly chart of USDINR indicate multi year divergence between price and momentum. The TOs reversing indicate rising strength of INR in the coming years. With the INR reversing from the upper Bollinger Band, it may gain further strength to seek lower targets to test 49 (yearly 20EMA) in the next few years.
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| USDINR Yearly |
Earlier post on USDINR :
http://eqtrend.blogspot.in/2016/01/usdinr-topping-out.html
