INRUSD trade ideas
INDIAN RUPEE| STRUCTURE ANALYSIS
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.
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Wave C in Wave 4 targeting 73.7Wave C in Wave 4 targeting 73.7.
Short entry signals is expected to be spotted at the blue zone between 73.70 to 73.77.
Target 1: 72.65
Target 2: 72.4
USD/INR - something is cookingINR may have made a long term TOP or about to do so.
Will wait for a confirmation by price action in next few weeks.
A small degree confirmation(daily) will be good to make a trade.
Looking for mid and long term targets to hit over the next few months to years.
I am certain this will also be reflected in Equities overly long term and should be positive overall for the economy.
Wave 4 in Wave Z/y of Y (in progress)FX_IDC:USDINR
Wave 4 in Wave Z or y of Y is in progress which might target to end at 38% - 50% Fib retracement at 73.3 - 73.5.
Wave 5 targets shall be @ 72.65 and 72.40.
$USDINR Triangle Pattern - Breakout expectedThe Triangle pattern shows some upside movement in the short term. Although the value of this currency pair will go down in medium term, in short term, it will go up & then head downwards.
Buy Price : 74.6494 INR
Stop Loss : 74.1362 INR
Sell Price : T1 : 75.7934
*Ideas are only for experimentation. Not Financial Advice.
USDINR correction might endFX_IDC:USDINR
The pair is under complex correction.
There is an opportunity for short entry at the end of E wave in triangle expected at 75.09 to 75.3
Target 1: 74.32
Target 2: 73.6 to 73.5
Correction Wave C targeting 73.5FX_IDC:USDINR Pair is under minor correction.
Correction waves A and B are over.
Wave C is in progress and generally it shall have a 5 wave pattern out of which wave (i) and (ii) are over.
Wave (iii) of wave C is in progress targeting 74.0 to 73.5 @
1. 38% retracement of major wave
2. 61% extension of wave - A
3. 100% extension of wave - (i)
4. Historical resistance turning support
USDINR_LONGafter testing weekly support, currency pair has tested 4 H resistance also.. small wall need to be broken for further up move..
USDINR Long-term Sell SignalPattern: Channel Up on 1W.
Signal: Bearish as the price is reversing after a Higher High on the Channel Up, with the MACD making a bearish cross on significant downside potential.
Target: 71.500 (expected Higher Low on a roughly -8.40 decline).
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INRUSD : 4hr R/S analysis INRUSD : it could respect R level rectangle area on chart after heavy breakout of Pause 1, FX_IDC:INRUSD
1W Wave 3 is under correction in 1D wave 41M chart
New trend is identified after correction and is marked with a vertical line.
1W chart analysis is focused on new trend.
Price action is trading through Impulse wave 3 targeting 81.5
1D chart analysis is focused on Wave 3-Impulse and after the 1W vertical line
Impulse wave-3 of 1W chart is under Wave-4 correction in 1D chart.
Wave 4 targets 38.4 to 50% Fib retracement zone which marks at the previous resistance zone between 74.48-73.87
1H chart analysis is focused on 1D Wave 4-Correction
Correction wave C is in progress which targets 73.6 however it might bounce up at 74.48-73.87
1D Wave 4-Correction might end at 73.6 on the worst case and the price is expected to resume its uptrend to form 1D Wave-5 which can target 78.0 is equivalent to 1D Wave 1-Impulse move range
