AbhishekHSinghCMT
Long

USDINR- Key Zones 67.15- 66.20(Another Clue for Indian Markets)

FX_IDC:USDINR   U.S. Dollar / Indian Rupee
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5
It's a complex correction W-X-Y (Where Y is taking the form of a triangle) in Dollar Rupee- likely giving us 2 clues -which I have my eyes set on.

Either it breaks 66.20- Key level & 65.95 critical levels on a daily closing basis, then I will really think that Indian Markets are bullish .

Else
If dollar rupee breaks on the upside, above 67.15 -then likely suggesting one leg for dollar rupee is still pending as suggested in my long term analysis as well shown below- which indicates that the Indian Markets likely could bounce on account of U.S. Elections but as soon as USDINR protecting downside 66.20 initially & goes above 67.15 should give us a major clue that the Indian Markets already had put a top@8969.

Invalidation Levels
If Nifty goes above 8969- in the bounce back, which is expected to give the bulls some hope & Dollar Rupee will go below 66.20 & 65.95 on a daily closing basis.

Impatient About Acche Din
Comment: 07:15 Hrs 7th Nov2016

Hilary gets clean chit from FBI- Dow Futures 200+ SGX Nifty- 70+
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave

Comments

Good work Abhishekji. I agree, as you have stated, that Indian stock markets and the USD/INR pair share an inverse relationship. A strengthening rupee (i.e. moving below 66.20-65.95 levels) will be good for the Indian markets and vice versa a weaker INR (moving above 67.15 )will have a bearish effect on our markets. In my personal opinion, like many others, I am hoping for the former scenario and I can see loads of charts on TV all indicating traders expectations for a reversal in the stock markets as well !!!!! But ultimately markets rule and decide the price action, we have to bide our time and wait for the right signals before jumping in !! Thank you so much for this chart.
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Welcome Shan.
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Interesting one Abhishek. Thanks. As such breakout after 'y' looks more likely to go upside.
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Yes looks for upside but let us for market only to give us the direction
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I think, it would rather expect bearish trend after the breakout as Indian economy is doing good.
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So, That's what I said, let us see which side market wants to break.
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