USDINR Bullish Trend - Target 80-81 by Aug 2022

USDINR has been in bullish upwards trend channel for last 4-5 years and has been consolidating sideways since Mar 2020. If it manages to close above 76 in next 2-3 months, it will be big breakout and soon we can expect it to reach 80-81 by Aug 2022 or earlier. Globally all countries are printing money and weakening the currencies and with all uncertainty around COVID and global economy, Dollar seems to be a better hedge. Most currencies will lose value against US Dollar and USD will lose against Gold.

Comment:

USDINR has given a weekly breakout. It will soon test the previous all time high 77 in next few weeks.

Trade closed: target reached:

Target 81 achieved last week. Max upside 83 and then retrace back to 79 levels

Trade closed: target reached:

Target 83 hit today. Dollar is still relatively stronger and we may be in blow off top phase, which might trigger wild moves. I wont be surprised if it hits 90 in next 5-6 months..