USDINR's Market structure are in complete bearish mode.
Updated
USDINR's Market structure are in complete bearish mode.
Note
It seems downside is limited. if you check 2 hour chart you will find that again same consolidation pattern between 10th Jan to 14th Jan and then continuously moved up. ..TODAY USDINR IS IN CONSOLIDATION MODE FOLLOWING CRUDE OIL..currently USDINR is not having any fundamental it's own to draw down it's next move. right now it is totally reacting to crude oil. which is unrealistic and unpredictable and it can be dangerous to follow. BETTER Stay away and watch consolidation game price to look for break out 71.38 upside and 70.90 downside.Note
Quick update:. USDINR's option chain is no more suitable for monthly or weekly call, put buyers. I have been trading USDINR since august and I noticed that after introducing weekly expiry on 3rd december USDINR's option premimum are eating much faster than before and also THETA, GAMA, VEGA is so challanging because it working so quikcly up and down following price action you can't even book partial profit..... I assumed that Rupee wherever heading towards on every opportunuty selling call and put option is the core beneifcial. otherwise you're gonna lose all money you have rather making a thangNote
USDINR consolidating since one week at a strong resistance level. also retail investor's sentiment truned bearish following crude oil price decline and it's heading to down trend againg but USDINR is still holding same positiion between 71.10 to 71.45 which is crucial. either breaks can be seen huge volatility stay safe.
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