USDINR has an interesting monthly pattern. For 10 months in a row, it is one timeframing without breaking previous month lows that shows the confidence of larger timeframe players. It is a straight upward one-sided rally. All-time high comes around 74.528. Current swing move from 63.10 to 74.528 which is roughly 18% of swing move. The entire move comes from the year 2018 along.
USDINR Monthly charts
USDINR – 4 hourly charts
Weekly still shows strength. However, on the daily timeframe it forms a 4 days of consolidation at the major swing high with an outside bar on the daily candlesticks, which is a sign of weakness. On the 4-hourly charts, USDINR switches to momentum mode to a neutral mode which another sign of weakness. Any strength if has to seen USDINR has to show above 74.50. Until then it has high probable trend reversal indications.
