Welcome back after weekend.
Today we saw USD/INR opened very high at 62.2050 against Friday’s closing LTP of 61.9150. Hence my target for Friday 62.0650 was hit before opening. On Friday, I wrote
I was expecting the pair to touch 62.06 atleast...
This could be due to positive NFP data from U.S and some technical reasons which I wrote on last Friday’s blog post.
After opening and recording a Daylow of 62.1950, the pair rallied upto 62.4350 (Dayhigh). Closing LTP was 62.39
It was a pure bullish day for USD/INR where it opened well above Fibo pivot. The resistances at 62.22 and 62.39 were broken and 62.56 is the resistance that was left unhit.
Williams %R indicator showed that the pair is in Sell zone but DMI indicator and IV analysis gave a strong Bullish signal. Also Nifty and BSE Sensex plunged today due to exit poll results from New-Delhi which were probably against BJP govt: in the center.
Technical Indicators support a Buy call for tomorrow morning too.