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USDINR

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.
U
by Trade_Journal
Risk aversion will benefit India’s economySeveral economic figures in the United States are projected to push the dollar lower than its rupee counterpart. Risk aversion will benefit India’s economy with surges in gold prices, instead. The US is projected to report a decline in three key figures: Composite PMI, Manufacturing PMI, and Services PMI for the month of September. As the pair’s 200-day moving average approaches its 50-day average, bearish investors are almost certain the pair could only fall near-term. This is despite a looming possibility that India could have seen a double-digit contraction for its gross domestic product in the previous quarter. Economic activity is expected to keep itself at a slow pace in the Indian economy throughout the year. But investors are a little more optimistic about its upcoming activity: its federal data confirmed that it has just seen the lowest count of new coronavirus infections in the country, now on its fourth day of more recoveries than new infections.
UShort
by Financebroker
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.
ULong
by ajithchand-bhandaari