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U.S. Dollar / Indian Rupee

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USDINR trade ideas

USDINR: Watch closely for an insane 2024 rally.USDINR is trading inside an Ascending Triangle on the 1W timeframe, with the 1W technical outlook constantly bullish (RSI = 59.515, MACD = 0.267, ADX = 38.795). This is despite 8 failed attempts in the last 9 weeks to close a 1W candle over the top of the Ascending Triangle, which on any other occasion would be considered a sign of weakness. With the 1W MACD on a Bullish Cross though and the whole pattern supported by the 1W MA50 in July, we expect a bullish breakout to take place soon. The chart on the right which is on the 1M timeframe shows the incredible upside potential of the pair every time it breaks out. If we get the candle close we want, look for a buy and at least a +12.60% rise (TP = 92.000). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
4
COULD INDIA BE THE SAVIOR OF THE USD’S DOMINANCE?COULD INDIA BE THE SAVIOR OF THE USD’S DOMINANCE? The BRICS alliance aims to dethrone the US dollar’s global supremacy. India’s rapidly growing economy has led to speculations about its potential role in this shift. Despite being a BRICS member, India maintains strong economic ties with the U.S. In the dynamic landscape of global finance, where the BRICS alliance is sharpening its talons, aiming at the soft underbelly of the US dollar’s supremacy, India emerges as a beacon of hope for the greenback. While the BRICS coalition might assume they have the unwavering support of all its members in their quest to topple the dollar, India’s economic trajectory and diplomatic allegiances paint a different picture.
Long
by henryartem
USDINR Stuck in a Triangle. Trade the break-out.The USDINR pair is trading inside a 1.5 month Triangle (blue), following the upward break-out of the 1 year Ascending Triangle. The 1D MA50 (blue trend-line) has been supporting for 2 months and as long as it holds, buy when the price breaks above Resistance 1 (83.4200). The target can be 84.500, representing a +2.13% leg extension on a potential emerging Channel Up. If the 1D MA50 breaks, we will sell instead and target the 1D MA200 (orange trend-line) at 82.4500, which is marginally above Support 2. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
What's the next move ?The CMP(current market price) is at weekly resistance zone. Below scenarios can happen: 1. Bear :: If a daily candle closes below 82.5920, advisable not to enter the market as the triangle is about to converge leading to triangle breakout & also the Risk: Reward ratio would be small. 2. Bull :: If a weekly closes above 83.2850, this is a ascending triangle breakout. The target for the weekly breakout will be 86.7317. This target will take time to reach. Best advisable to add 1 or 2 lots in far out of the expiry(like 3 or 6 months far expiry after the breakout)
by the_paradox