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U.S. Dollar / Indian Rupee

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USDINR trade ideas

Indian Rupee - USDINR - Is it all over?I reviewed the this chart first in Sept 2020. At that time, I was looking at top to form in USD/INR. Since then, the price made wild moves but still on the looks of it, it's not clear if the top is in place. However, the most important trigger that made me think and do a detailed analysis on this is the break of this trend line. You will notice the trend line from 1980 which acted as a support in 2011, 2018 and in 2020 is now broken. After analysing the move 2008 until the all time highs, it seems that the top is place. Another way to confirm is to look at the type of pattern that is forming when the prices fell from all time highs. On the looks of it, it seems the fall is in-line with the correct pattern and doesn't violates any rule or guidelines in place. So if the analysis is correct, then what can be expected? price should fall at least to Rs. 69.5 to Rs 71.xx levels to begin with. This fall should be sharp and fast. Post that, there could be more bearish potential but it could be too early to call for it. Finally if the prices falls below Rs. 68.32 on a closing basis, then it will be confirmed that the long term top is in place and price could put Rs.62.5 I will continue to track it and see how it performs over the next few weeks. FX_IDC:USDINR
Short
by ABFX6
It is time to buy USD/INRHi everyone! Now USD/INR pair reached the trend line on the week chart. Technical indicators indicate the need of a turn. I consider that in the nearest future we will be able to observe strengthening of dollar. Purchase has the low level of risk since SL can be placed below the trend line at once (everyone chooses itself). Bought on 72.79 TP1 = 73.59 TP2 = 74.79 SL = 72.38 Information provided is only educational and should not be used to take action in the market.
Long
by Yuriy_Kuznetsov
USDINR - Reaching solid support zoneThe current structure of USDINR is still weak and is probably moving towards 72.65 levels. The current chart shows two technical possibilities that suggest goos support zone in the 72-73 range. At First, there is trendline support, that the prices broke in April 2021, and the same trendline would now act as a support. Secondly, there is also a harmonic pattern probability whose support also coincides with the trendline support. So keep your eyes on price action, and be ready to take advantage of solid support. If you are trading this, you are trading at your own risk
Long
by manuagarwal21
1
USD/INR short: section fast transactionsHi everyone! On the week chart USD/INR pair moves in an upside channel towards its lower bound. And also now the price overcame the important trend line down and tested it from below. Now some indicators indicate continuation of the movement down. Therefore I expect price movement down at least to two following supports (my purposes). Short on 73.3470 TP1 = 72.76 TP2 = 72.52 Information provided is only educational and should not be used to take action in the market. This section is intended for short-term speculation. Be ready to leave a position at any time.
Short
by Yuriy_Kuznetsov