12 JUL 2018
Prices have reached the major pivots of 2013, 2016 and 2017 around 68.70/68.90. We expected a break above these pivots, but is looks like the market doesn’t have enough momentum at this point. Significant divergence on the daily chart suggests a move back to the range 67.25<>66.85 before a second breakout attempt can be expected.
Exit-long and monitor developments once support is reached. The long-term outlook only turns sour well below ~66.50.
- Near term trend: neutral
- Long term trend: neutral/positive
- Outlook: lack of momentum, moderate correction
- Strategy: exit-long and avoid
- Support: 67.25 / 66.55 / 65.47-
- Resistance: 68.90 / 73.05*
Chart US Dollar / Indian Rupee