USDINR

The trendline support from the rising wedge is at 72.50. The break below the short term support of 74.20 also breaks the 40 week average near the same level. This break today at the end of the week confirms the long term reversal in trend in line with the dollar bear market. We are in the first phase of that bear market that is looking like a triple zig-zag pattern. I will mark the next bottom in USDINR as W as the first wave of the bearish trend.