USD/INRUSD/INR in pole and flag likely to fail due to movementum in Indian stock market and price action
Usdinr-forecast
USDINR at key support reversal to happenOn monthly chart USDINR is at key support and has higher chance of reversing up to 75 in coming months. The support is from 20 Month moving average and trendline from 2012 low. hence for long term traders better be on the buy side as dollar is also seen strengthening in coming months.
USDINR outlook buyers weak.market will most probably reach lower level or supply zone to take proper support.
USDINR - Indian Rupee Trade Idea!A requested currency pair - Technical and Fundamental view of USD/INR!
Fundamentals: The countries of BRICS are facing a very difficult time especially India due to covid levels - fundamental aspects of there currency: They had kept rates unchanged, I expect that to continue for while. As The dollar decreases, I expect it to follow the trend it is going in longer/Medium Term.
Technical aspects: We have a down trend, as this moment of time we are in a type of consolidation - Which as you can see from my analysis it could break either way.
- Time Frame: Daily
- Pattern: Triangle / Bear flag formation.
- Fib Retracement : If it goes above within the range I expect pull back towards areas of: 74.400 - 75.110 = 0.618-0.382
If it goes within the trend it is going breaks below the area of range of: 72.700 - I expect the next target between: 71.940 - 71.230
- Trendline down - that's nice pull back area where there would be a stop hunt those areas would be a great area to short it for a greater R/R trade. As long we don't above trendline down, the bears are still in control.
- EMA - 50/200 - Very bearish if we above that bulls could gain further control but I don't expect it to last long - nice resistance area.
Overall: See which way it breaks out - Patience is key. Put an alerts or if you're feeling much more confident put in an orders in.
All the best,
Trade Journal (TJ)
Remember: Just a trade idea, not a recommendation.
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
USDINR ::: LONGDATE: 5 SEPTEMBER 2020.
INSTRUMENT: USDINR.
TIME FRAME: DAY.
TRADE TYPE: POSITIONAL.
INDICATORS:
PSAR: BULLISH
STOCHASTIC: BULLISH DIVERGENCE.
PRICE ACTION:
CMP: 73.164
BUY ABOVE: 73.550
SL: 72.80
TARGET: 75.540
RISK DISCLOSURE
Technical analysis of FOREX and INDIAN MARKETS. We are not SEBI REGISTERED ANALYSTS The views expressed here are for our record purposes only. Please consult your personal financial advisor before investing. We are in no way responsible for your profits/losses what so ever.
USDINR in a consolidation / distribution phase?Currently after the recent run-up OANDA:USDINR is in a consolidation phase.
But if it breakdowns, then it could re-visit it's previous demand zone, before resuming it's uptrend again.
Monthly Chart of USDINRMonthly Chart of USDINR:
As seen from the Monthly Chart of USDINR, the currency is trading in the Rising Channel pattern since 2013 to till date.
In the month of April-2020 the currency has hit the Upper part of Channel around the levels of 76.50-77.00 and retraced.
The currency has formed a Shooting star Candlestick pattern around the resistance levels on Monthly chart.
If this pattern is to hold then we may see appreciation in the Currency.
1st Support lies around the levels of 74.00-74.50 and if it is broken then 2nd support lies around the levels of 72.00-72.50.
Resistance lies around the levels of 76.50-77.00
For educational purpose
USD/INR - Rupee getting StrongerAs the price action forming a bearish RSI divergence and simtanously breakout down from a consolidating pattern, indicating further weakness in Dollar and strengthening of Rupee.
T1- 75 SL-77.5
USDINR Price expected to rise from hereUSDINR pair is range-bound since 1 year and before a major move price expected to touche the resistance around 71.800 mark
Sideways Market, Sell at higher levelAs the longer timeframe is in downtrend sell at higher price and book profit at low price.
Weekly Chart of USDINROn Weekly chart USDINR Currency pair is forming the Cup and Handle Pattern. 70.00-70.50 on downside and 71.75-72.25 on upside are significant levels to watch. Also it is trading near to trend-line resistance. It seems that USDINR will break out on upside.
USDINR TGT 72.20SEEMS USDINR Targetting 72.5 and more.........
if Closes Below 71.2 Reverses
Strict SL 70.30
Be Carefull Have a Watch on RSI also..
