USDINR- Double Headed Deity-Agni Or Up-Up & Away

4 set 2016

Its almost 5 months & Dollar Rupee has been moving in the range of 217 pips from lows@66.05 in April2016 to 68.22- High kissed on Brexit Day-24th June2016.
There are probably two patterns which could pan out in coming days.

Scenario-1: USDINR making higher lows from 66.05 - Next 66.62 - Latest 66.77- which indicates that dollar accumulation is going on & once it goes beyond 68.22-Brexit Day High-Likely it will travel up-up & away.

Scenario-2: There is a special deity which is eyeing this pair known as Agni-The Fire God in Hindu mythology- which wants rupee to appreciate in the coming days once we sustain below 66.50-that means pair should stay there for a couple of days- likely, I will become more confident once we get daily close below 65.95- Critical Level for the pair.

Regards,
Abhishek H. Singh, CMT