The Rectangular Pattern in Wave IV suggests that the USDINR may rocket higher towards 86 before the end of the year. Because of the barrier rectangle pattern, the pattern is quite bullish.
USDINR is rising on rising sharply due rising crude oil prices this week, as European nations has said No to Russian Oil.
USDINR is looking strong and can head to levels of 77.8 where it can face huge resistance.
If USDINR manages to trade above 77.8 levels on daily and weekly timeframes, then it is heading towards 78.5 levels.
If BEARS managed to hold USDINR...
USDINR has been trading in an Upward Parallel Channel, since last year end till now. Recently it has hit the upper top of the channel at 77.88 levels.
Its a SELL till 77.4 and if it breaks 77.4 level with good volume, it can further drift down to 77.17 levels.
76.94 to 77.1 7 is a Buy Zone, where can be a bounce back but till that time, its a Short.
Short term BEARISH trend 🐻, and
74.58 level is deciding factor for next trend.
Trade according to the levels. These targets works best for monthly positional traders, not for day or weekly traders (options traders).
The US dollar has gone back and forth during the trading session on Thursday as we hang around the ₹75 level. The ₹75 level in the past has been resistance, and it certainly looks as if it is the same situation now. I believe the market testing this major resistance barriers a sign of just how weak India is at the moment, as traders around the world continue to...
The current structure of USDINR is still weak and is probably moving towards 72.65 levels.
The current chart shows two technical possibilities that suggest goos support zone in the 72-73 range.
At First, there is trendline support, that the prices broke in April 2021, and the same trendline would now act as a support.
Secondly, there is also a harmonic pattern...
07 MAY 2021
INSTRUMENT: USDINR
TREND: SELL
TIME FRAME: DAY
CMP: 73.54
SELL BELOW: 73.424
STOP LOSS: 73.752
TGT 01: 73.298
TGT 02: 73.196
TGT 03: 73.058
DISCLAIMER:
We are not S E B I registered analyst. Please consult your personal financial advisor before investing. We are not responsible for your profits/losses whatsoever.
RISK DISCLOSURE
Futures and options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Trade with risk capital only. The past performance of any trading strategy or methodology is not necessarily indicative of future results. Past...
USDUNR has been week due to global cues. All cross currencies are gaining opposite to USD which will help to strengthen the rupee in upcoming week. This week i will be bearish on USDINR for the TGT 66.5237 and 66.1413
