EARLIER WE HAD UPDATED TO LONG USD/INR.HOWEVER SL WAS TRIGGERED. THE MAIN REASONS TO LONG THE PAIR WERE:
1. WE WERE SLIGHTLY BEARISH ON THE INDIAN MARKETS
2. WE GOT OVER BULLISH ON USD/INR WEEKLY CHART AS SYMMETRICAL TRIANGLE PATTERN WAS NOT COMPLETED AND WE HOPED THAT THE PAIR WOULD FORM THE PATTERN. BUT IT DIDN'T AND WITNESSED CORRECTION.
3. DOLLAR INDEX WAS TRADING ABOVE 82.5 ABOVE WHICH WE WERE QUITE BULLISH ON USD AGAINST ITS MAJOR COUNTER PARTS...
NOW TODAY DOLLAR INDEX OPENED BELOW 82.5 AND IS STILL TRADING BELOW 82.5....WE ARE OF THE OPINION THAT CURRENCY LOVERS CAN BUY GBP OR EURO AND SELL USD. GBP/USD HAS GIVEN A VERY POWERFUL BREAK OUT ON A DAILY CHART AND WE THINK IT CAN TGT 1.565 LEVELS IN SHORT TERM.
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