Hi trading view members.
Thanks for interactions on my last post.
USDINR is testing 3 month long support. Looking at elections and political situation, I predict that #USDINR will oscillate in the 69 to 69.6 range.
Rebound trend expected around early End march to April.
Last week USD showed weakness against other major currencies except INR (#USDOLLAR - Dollar Index).
Strange to see Indian currency not gaining against USD in-spite of good economy data.
Setup even indicates further depreciation in INR. Watch for breakout!
Oil Industry has seen many ups and downs, and each time the oil plunges or makes a new high, it forces many strong economies to rethink on their strategy.
This time it helped Indian and US economy but for most of the oil producing nations are forced to reduce oil dependent economic model.
Any weakness in #USDOLLAR will further fuel the #oilprice.
For oil and gas...
China's central bank guided the yuan lower on Thursday FX_IDC:CNYUSD.
China's first shock devaluation in August jolted the global financial markets and Indian currency "INR" was also affected by this sudden move.
This second devaluation has come at such a crucial time, when money market was expecting strengthening in "INR" and start of appreciating trend.
Crude oil trade and strengthening of US Dollar are interrelated.
Market is witnessing strengthening in US Dollar against major currencies and I expect it to continue till first quartile of 2016. (Refer my other post that outlines movement in USDINR)
Crude oil is again under pressure and can expect to see it in lower thirties in next few months.
This decline in...
US dollar appreciated against most of the currencies in last 1 year.
I expect to see some range bound short term long position to be fruitful.
The Oil price and political situation putting pressure on USD. Can expect Trend reversal in early 2016.