Indian rupee

In my previous post on INR, on 16^th November 2016, I wrote, “Since then INR has been consolidating between 66 – 68. If we look at the current chart of INR it had broken out of the triangle pattern. The first resistance is at 69 and once that is taken we can see some serious depreciation in INR v.s USD”

As expected INR moved up from 67.84 to 68.85 but it could not break out of the resistance and subsequently strengthened to 64 levels.  After consolidating between 64 – 68 levels for last 1.5 years INR seems to be ready to break out of the range. 

If we look at the given chart we can see that INR made a high of 68.85 on 27^th August 2013 and had been trading below that level since then. Once INR breaks above 69 we will see some quick depreciation of INR to 73 – 74 levels.