USDINR trade ideas
USDINR: GREAT LONG OPPORTUNITY Making double bottoms on 1H and 1D chart.
LTP: 73.87, if breaks and holds 73.9:
Short term target: 74.3
Mid term target: 75
S.L.: 73.5
Triangle / ?If the price reverses down without crossing above 74.0 then it confirms formation of a triangle pattern.
Based on completion of pattern, trade setup shall be planned.
USDINR VIEWShort triggered at 73.4500
view invalid, candle closing above 73.4850
stop loss 73.5000
target 73.2000
position holders
long above 73.5000
stop loss 73.3000
Overall bullish until 72.7500 breached
Wave C targeting 72.5USDINR had initiated a major correction after completion of 5th impulsive wave which was a diagonal.
Recent correction is now forming a C wave which is targeting 72.5 which might end the formation of Wave W in a complex correction.
The current Wave C is expected to end at around 12 to 20 Oct 2020.
And the chart is self explanatory.
Indian rupee vs dollar After decades old bull markets. The great indian growth miracle is going to increase demand of currency as biggest company of the world are coming to india.
USD gaining strengthen against INR -poised for Rally 2.0 USD is consolidating and looking to gain strength again. This time it might go and hit 80. Buy on dips with the support level given in the chart !!
USDINR.....Stuck in rangeChannel marked in Blue.....
Resistances in Red.....
Support in Green..........
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Wave X is in progressWave X is in progress and is likely to end by 21/09/2020.
Wait to take short position and pattern formation for clue on short entry point.
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
