USD_INR BROKE THE CHANNEL AND IS FORMING A TRIANGLE, SQUEEZED BETWEEN RESISTANCE AND A 2 YEAR SUPPORT LINE. THE PAIR EITHER BREAKS UPWARDS AND CONTINUES TRADING INSIDE WIDER OR NARROWER CHANNEL>>> LONG AFTER CONFIRMED BREAKOUT. OR THE TRIANGLE BREAKS DOWNWARDS>>>SHORT AFTER PULLBACK. ULTIMATE TARGET=SUPPORT 1. LIKE AND SUBSCRIBE FOR MORE!
DATE: 5 SEPTEMBER 2020. INSTRUMENT: USDINR. TIME FRAME: DAY. TRADE TYPE: POSITIONAL. INDICATORS: PSAR: BULLISH STOCHASTIC: BULLISH DIVERGENCE. PRICE ACTION: CMP: 73.164 BUY ABOVE: 73.550 SL: 72.80 TARGET: 75.540 RISK DISCLOSURE Technical analysis of FOREX and INDIAN MARKETS. We are not SEBI REGISTERED ANALYSTS The views expressed here are for our record...
It seems bullish for this month, looking for buy entries, trade with proper risk management.
::: HIGHRISK TRADE ::: 31 MAY 2020 USDINR CMP:75.7925 BUY ABOVE 75.7925 SL:75.70 EXPECTED TARGETS 75.8315 75.8838 75.9360 76.0103 Very strong resistance at 76.2500 76.0700
USDINR looks all set to break out from a triangle formation. We can expect a rally towards 77 levels. Break below 74.90 would invalidate the outlook.
USDINR Trading Plan BUY - Riks Reward 1:2 Max 1:2.5
UDSINR CMP 75.72 spot is poised for initial leg of up move until 78/78.6. However long term target remains at 80+ Levels
USDINR Trading Plan BUY - Riks Reward 1:3
USDINR pair is range-bound since 1 year and before a major move price expected to touche the resistance around 71.800 mark
Longer term chart also indicates Long , just like short term chart. Looking like a good setup. Wait for current triangle being formed to be broken.
On Weekly chart USDINR Currency pair is forming the Cup and Handle Pattern. 70.00-70.50 on downside and 71.75-72.25 on upside are significant levels to watch. Also it is trading near to trend-line resistance. It seems that USDINR will break out on upside.
The main trend is a downtrend; however, it does not mean we cannot take a little profit in a downtrend. As it is against the steam, we put our stop tight here. Entry: 70.5 Stop: 70.2 Final target: 71.22 Have a good week. Follow to hear more.
Long term support at 70.40 Descending triangle being formed Price touching the top of the triangle If it breaks then go long or it can come back to 70.40 again
SEEMS USDINR Targetting 72.5 and more......... if Closes Below 71.2 Reverses Strict SL 70.30 Be Carefull Have a Watch on RSI also..