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USDINR

USD/INR LOOKS BEARISH!Hi, Currency pair as mentioned in subject, if one looks at weekly price pattern it is bearish (after checking last swing high price moved further & it is confirmed by bearish candle) Now if you look at 4 H TF, it looks like price is rush to check last swing high, might come down after checking same. Now, if one look at 1 H TF, stock forming head & shoulder pattern, here also, stock might check latest resistance before moving further..(confirmation required before taking shot entry) Thanks for reading!
UShort
by ShubhamKatiyar
ridethepig | The Revolutionary IdeasA good time to update the chart in Indian Equities (NIFTY) for those following the EM story... If you take a closer look at the below diagram " Top is in for the year.. " you will see that it is above all directed against an arithmetic conception of the 5 wave sequence from the cycle lows. What is crucial is simply the greater or lesser degree of mobility which the Indian currency has possessed from both the monetary and fiscal side; if intervention occurs from the CB it is going to mark the end of the weakness for India, and unlock a new chapter for the next generation! What it boils down to is always the "intrinsic value" of the local economy (deriving from the global skeleton present) which is a cumulative count of productivity, confidence and similar matters of form. There is a strategy which every hypermodern investor should take note of. I mean the continuity of the advance from 8542 support. Once the support began holding, then and only then may we consider the mass as more attractive because only then have the elements been mobilised. The previous swing did not fail to excite lively interest, since the previous update the INR weakness is now starting to show signs of exhaustion and should be treated with extreme caution. In spite of fine play, the INR is protected at the highs and is giving Shaktikanta Das a free hand to play monetary policy on the retrace. How can India mess this up? ... An elegant breakup in Indian Equities over the coming years does not seem too fancy! As usual thanks for keeping your support coming with likes, comments, charts, questions and etc!
NSE:NIFTYLong
by ridethepig
The USD/INR pair is projected to crash to its support level soonEven with the upset faced by the Indian rupee this Wednesday’s trading, the USD/INR pair is projected to crash to its support level soon. The relative weakness of the Indian rupee today is the recent downside in the country’s stock market. However, looking at the fundamentals, it has more potential than the US dollar. The precious safe-haven currency is feeling the burn of concerns about negative interest rates from the US Federal Reserve. And the gradual reopening of other major economies across the globe has also helped deteriorate the safety appeal of the buck. As for the Indian rupee, another factor that’s holding it back is the billion-stimulus relief package announced by Indian Prime Minister Modi yesterday. According to local reports, the authorities have prepared a staggering 20 trillion Indian rupee economic stimulus, or about $265 billion, that will be allocated for labor, land, small, and medium-sized businesses affected by the pandemic.
UShort
by Financebroker
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
Short
by OPTIONS-QUANT
1
ridethepig | India Closing the ChapterIn this positional chart, the INR is entering back into the game, whilst USD is nearer the end and thus already well-developed. That is decisive. So the more distant EM currencies like INR actually will act as a trump card and assist in diverting flows from the king, but like all trumps we must use them sparingly: do not jump the gun is the rule. The diverting exchange of Covid flows was simply the prelude to the king (USD) marching home, which will follow in the coming weeks/months. Indian Equities were denied the advance as anticipated, the trip towards the lows was somewhat time-consuming and the travelling companion INR was too dilatory....As the currency devalued as did local stocks... In any case, the correct procedure is getting our companion (INR) and using it as a weapon to wield influence and thank holders for their loyalty. We should make good use of the cheap currency and the move that now follows by looking to sell the highs in USDINR for a move not too late after. The trip we are planning for should be carefully prepared before pulling the trigger, if possible make use of any overshoots in USD (remember we still have the 1.05/1.06 unlocked in EURUSD for reference on G10). All that before playing the diversionary swing! Softer oil will help Indian significantly as the deprecation pressure on INR was starting to crack through the economic defence. India will need an appetising fiscal policy and less reluctance from the CB to intervene. These are starting to enter into play and can be a major game changer for India in the coming months.
Short
by ridethepig