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- USD/INR Price news: The bull flag continues to play out, eyes on the downside
USD/INR Price news: The bull flag continues to play out, eyes on the downside
- USD/INR bears stepping in at critical resistance.
- The bullish flag pattern is so far not giving out to the upside.
USD/INR has been a drawn-out process from the bull's perspective which have been seeking a breakout of the bull flag from a daily perspective. There have been some near misses along the way ad the following illustrates the potential path of trajectory for the coming sessions at the start of the week.
USD/INR Daily chart
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The above chart is a bullish flag formation. The bulls are waiting for a breakout.
-637713289040638874.png)
Zooming in, we can see, as illustrated, the price is testing a horizontal area of resistance. Taking a closer look, this is an M-formation. This can be seen better on a line chart as follows:
-637713291860225666.png)
The neckline of the M formation would be expected to act as resistance and given the 38.2% Fibo retracements, there is the extra conviction at trendline resistance.
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