INR (Indian Rupee)
RUPEE LOOKS STRONGER TO YEN IN SHORT RUN INR GETTING STRONGER FOR WHILE AND IT LOOKS LIKE YEN CAN 0.52619 BEFORE GOING UP. CYPHER PATTERN COMPLETION IS A GOOD TIME TO BUY YEN. BUT CURRENTLY SHORT IT FOR A WEEK.
RISK REWARD: 1:1
Will USDINR breakout and depreciate INR further?China's central bank guided the yuan lower on Thursday FX_IDC:CNYUSD .
China's first shock devaluation in August jolted the global financial markets and Indian currency "INR" was also affected by this sudden move.
This second devaluation has come at such a crucial time, when money market was expecting strengthening in "INR" and start of appreciating trend.
Can "INR" sustain the pressure or it will prevail further devaluation?
Go long FX_IDC:USDINR
Trade Trigger 67.2
Target 68.6
SLTP 66.7
