USDINR weekly short predictionThe points outlined in the chart suggest a bearish outcome over the next several candles. The target is approximated by extrapolating the Cosmic Gravity resistance channel bottom and the stop is set a its extrapolated top. However as stated in the chart's blue (bullish) bubble, if the price breaks above the resistance channel it will necessitate a reassessment of the signals.
INRUSD trade ideas
Currency Views-USDINRAfter a sharp recovery in the previous week the pair was traded in a narrow range of 81.44-81.93 during last week. However, the Monthly candle confirms the trend reversal. We can safely assume that the top at 83.10-83.30 is expected to hold for the current month and possibly till the year end. We are witnessing demand driven by unhedged exposure getting covered. The ultimate projection for the down move is 79.20 which might take a couple of weeks. Due to various factors the currency is expected to consolidate between 80.70 & 82.70. A close outside this range requires re-assessment of risk/direction and target.
A few more observations:
โข In the previous blogs the comparative analysis of 2018 & current scenario was discussed and suggested a possible correction in Nov 22 which is in progress. We saw nearly a 4 big figure correction in 2018. If the same were to repeat, we may see 79.20 soon.
โข The long term trend line till at 83.10-83.30 levels holds for now and we are likely to see a consolidation between 79-82
โข The DXY breaking the strong 106 is a sign of top in place for USD index. We may not see a runaway in DXY. the 105-106 range is yet another crucial price point and breach would see further fall to 102.
โข The full impact of the correction has not yet been seen in USDINR currency pair, the fall in DXY might have given a sigh of relief for many Central Banks
โข We do not see an immediate threat of crossing 83
โข The raising upward channel indicate the broader range of 80.10-82.70
โข The increased volatility and wild swings likely to continue
USDINR (U.S.Dollar / Indian Rupee) Currency Analysis 29/03/2021on a bullish impulsive wave we can see there exist a Hidden Bullish Divergence with MACD which is the sign of trend Continuation, followed by a Milled Bullish Divergence
there total of 2 Targets Defined by Fibonacci projection,
79.50 Rs seem to be a good target for the end of 2021
USDINR - LongUSDINR - My bet will be in Long side for a target of 84 in 3-4 months positional trade. In short term it will be having strong resistance at 82.4 and will consolidate for few days.
Currently it is making flag pattern on daily chart with high probability of going higher in few trading sessions.
USDINR Bullish Trend - Target 80-81 by Aug 2022USDINR has been in bullish upwards trend channel for last 4-5 years and has been consolidating sideways since Mar 2020. If it manages to close above 76 in next 2-3 months, it will be big breakout and soon we can expect it to reach 80-81 by Aug 2022 or earlier. Globally all countries are printing money and weakening the currencies and with all uncertainty around COVID and global economy, Dollar seems to be a better hedge. Most currencies will lose value against US Dollar and USD will lose against Gold.
USDINR Short 2HRTF based on 3 simle indicatorsIndicators:
200EMA
Bollinger bands
RSI
Trade conviction:
RSI Daily TF strength is declining
Dear traders, I have identified chart levels based on my analysis,
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Disclaimer: I have analysed the data based on my limited knowledge.
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Please consult your financial advisor before trading
USDINR Sell when the MACD gives a Bearish CrossThe USDINR pair has been trading within a Bullish Megaphone since February 21 2022. Just 2 days ago, the price hit the top (Higher Highs trend-line) of this pattern and got rejected. We may see a pull-back towards the 1D MA50 (blue trend-line) or even the bottom of the Megaphone.
The best confirmation to take that sell trade would be to wait for the 1D MACD to form a Bearish Cross. As you see, since April 23 2021 all seven MACD Bearish Cross occurrences have delivered substantial Lower Lows on the short-term, except for one time (May 24 2022).
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USD / INR update.In May, I posted an analysis of USD/ INR when it gave a breakout above 77. My first target of 81 is already hit. However, this week the USD gained 2% which is quite scary. It has also given a Fibonacci breakout above 1.6 levels. Next Fibo resistance would be around 83.3, which is 2.6 levels. This is the major reason for NIFTY sell off! Now 79 would act as a major support. We can see more sell off in coming weeks due to this reason.
CMP - 81.25 W
Target - 83.3 W
USDINR - A Triangle PossibilityUSDINR.
There is a possibility for a triangular formation on this pair based on the idea that all the waves have a 3 wave structure in the form of a-b-c. In such case, the price will be forming another bullish wave following a breakout. The analysis is based on the Elliott Wave Theory.
USDINR taking channel supportUSDINR saw a sharp decline today. With this fall, it has touched the support region of the rising channel within which it was moving for last few weeks.
As the RSI is also reaching the oversold region, I feel there might be a pause here and we may see some pullback.
I will wait for the price-action to unfold during next few hours on this support region to determine the direction of next move.