USDINR - Technical Update

1. USDINR reached both HnS targets. (This pattern is really potent when it plays out.)
2. And as with any rapid rise a pause is always good.
3. We get a better idea by looking at the weekly chart below.

1. There is a rising wedge type pattern forming on the charts.
2. We have actually reached the upper channel boundary of the pattern too, so again prices may pause a while.
3. Now technically we have reached the targets but there is a possibility of another leg up once this consolidation is done with.
4. Also a possibility of a parabolic rise is there if prices take out the upper channel boundary of this rising wedge pattern.

Right now a pause is in order, which might give equity markets some respite. We have to keep a close eye on the pattern which may form during this consolidation, to get further insights in the markets.