JohnSikes73

USDINR, Expected Range for Jun : 74.25 - 76

Short
OANDA:USDINR   U.S. Dollar / Indian Rupee
Expecting breakout on the bottom side.

Reasons to be Bearish:
1. Economy slowly reopening as the number of new cases decrease.
2. With another stimulus on the horizon, markets are more uplifted by the assured liquidity.
3. US-China trade tensions cooled off.

Reasons to be Bullish:
1. There's every chance that as economy opens, the number of new cases increase.
2. Protest still going strong.

Comments

Thanks this is the only latest idea on TradingView on USDINR. Please keep posting 👍
Reply
JohnSikes73 Bmahesh0104
@Bmahesh0104, Thanks. Although this is my view for the month of June, please read my comment in the thread to learn the other side of the story, where it might come back to higher levels after default rates rise and economy goes through major restructuring.
Reply
Bmahesh0104 JohnSikes73
@JohnSikes73, Will do. Thank you :)
Reply
Though the number of cases in India are on increase, the government has decided to remove the lock-down.
USDINR is moving in a range between 74.5 to 75.5. After consolidation it may move lower, as the Indian market
may go up.
Reply
JohnSikes73 NACHATUR
@NACHATUR, look at the chart diagram. You're just re-iterating my view. The range I've posted for now is for Jun futures. After that expires, we can talk about what happens next. But I still have doubts where it's a straight down road from here. At some point after August when the moratorium is going to be lifted and lenders will coming knocking, default numbers will go up and there might be another banknifty crash, which will push USD up again.
+1 Reply
owaishbucks JohnSikes73
@JohnSikes73,
I m totally agree with you.
Covid 19 bank nifty crash thats y USD will grow.
Reply
NACHATUR JohnSikes73
@JohnSikes73, USDINR is having inverse relationship with Nifty/Bank Nifty. I believe for sometime this relationship will hold good.

Keep an eye on the market indices and you will get the USDINR move based on this relationship. Having said that June future

is unlikely to cross above 75.95.
Reply
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