USDINR : SHORT Confusion among traders !! In between channel !!
MACD falling ! !
RSI also has peaked and on other hand very poor data with from the US is forcing traders to cut longs on DXY !!
SHORT : USDINR
LONG : NIFTY
INRUSD trade ideas
USDINR The Upside overUSDINR which is currently near the range of 67.60-68, seems now trend is about to change in near future. We see this currency taking a dip till 52.80 and much lower till 38.40 in time to come. Seems USD is gonna be killed across the globe. This currency might take hit for all the globe currency. So be careful in USD long with any pairs.
Short USDINRCorrection looks to median levels of 67.17 in coming week, Andrews Pitchfork, MACD, RSI pointing downward trend however stop loss should be 68.18 to present levels.
Class A DivergenceClass A divergence:
Just see new high made by pair and RSI reaching new low.
Still wait for market to confirm the divergence.
Will USDINR breakout and depreciate INR further?China's central bank guided the yuan lower on Thursday FX_IDC:CNYUSD .
China's first shock devaluation in August jolted the global financial markets and Indian currency "INR" was also affected by this sudden move.
This second devaluation has come at such a crucial time, when money market was expecting strengthening in "INR" and start of appreciating trend.
Can "INR" sustain the pressure or it will prevail further devaluation?
Go long FX_IDC:USDINR
Trade Trigger 67.2
Target 68.6
SLTP 66.7
Is the INR ready for a SHORT?Bonjour,
Someone is really trying to protect the 67 handle. My guess it's someone with deep interest that the exchange rate for this pair doesn't pierce above that level ... maybe then they'll lose a lot of money.
This pair has been in this ascending channel for quite some time ... are we going to see profit taking and a break of that channel or will it provide support?
À bientôt,
Maxmillian DuPont
(www.myfxlifestyle.com)
USDINR: Can it break this Support !!USDINR has been taking its support at this 4 year trendline support (in green) !!
It is getting difficult for INR to depreciate against dollar i.e. difficult to climb up !!
Are there signs of a major turn around -- where USDINR breaks this support !!
If this happens that would make the Stock Markets to jump up and a correction in IT & Pharma Companies !!
Till them it's Wait & Watch !!
India Could Be the Most Resilient of the BRICSThe BRICS (Brazil, Russia, India, China and South Africa) are highly watched emerging markets because they represented roughly 22 percent of global GDP in 2014. However, the global economic slowdown and increased geopolitical tension has weighed heavy on these markets. Although, India may be the most resilient economy out of the BRICS.
India has felt its share of the slower economic climate, as the Markit manufacturing PMI fell to a seven-month low in September, falling to 51.2 from 52.3. According to Markit, there are signs of sustainable growth but input costs decreased for two months consecutively, which has not happen since the financial crisis. Both manufacturing and industrial output have remained stable. Services PMI has seen improvement since late 2014.
In relation, the Chinese manufacturing PMI clocked in at 47.2 and has been contracting since March while near the worst levels since March 2009.
Due to the slack in the economy and less than expected inflation, the Reserve Bank of India cut the benchmark rate by 50 bps to 6.75 percent. This strengthened the rupee has investors look for it to hinder capital outflow. It also comes as the People's Bank of China (PBoC) devalues the yuan.
USDINR is likely to fall further as I expect the dollar to remain weak following the onslaught of poor economic data. Friday's non-farm payroll print of 146,000 was well below the 201,000 general consensus. To add insult to injury, August's jobs number was revised lower by 50,000 which left mouthpiece economists in bewilderment.
The Fed's inability to act, in regards to an interest rate boost, will leave the dollar on shaky ground. Fed fund futures traders are not pricing in a potential for Fed action until June/July of 2016 - although, I am forecasting a recession by then.
The USDINR is trending within a descending channel with support at 65.28, but the pair will travel to the 50 percent Fib. retracement at 65.15 (with the 72-daily EMA as further support). Secondary target is 64.83.
Resistance can be found at 65.6060, 65.8337 and 66.1374
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USDINR(Daily). Inverse Head and Shoulders Potential.Not a famous pair, but a potential opportunity, nevertheless.
1.5 Year Consolidation, Inverse Head and Shoulders Pattern, at 50% retracement,
Neck_line resistance.
Price broke out from Down_Trend Line, and may be completing a potential AB=CD, short term Overbought.
Long(IF), Potential brake_out, holding above 64.0800 and retesting of the Neck_line(becoming Support) could offer a Long entry opportunity.
MACD turning up, above zero, indicating momentum increase, and ATR turning up at resistance.
Support Level at 50, 200 sma, and Uptrend_line, following through.
USDINR AnalysisBearish XABCD Pattern:
Short Level Entry - At point D.
Zone of 63.20-63.46 is good for short entry.
However Check for confirmation from other indicators like MACD & Parabolic SAR.
In trade try to turn odds in your favor & take confirmations from other indicators.
TP1 = 62.05
TP2 = 61.33
SL = 63.77
