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USDINR By KRS ChartsDate: 3rd July 2024 Time: 7:40 PM Why USDINR? 1. Everyone know INR is getting weaker against USD day by day, and same thing happened here since Oct 2022 but inside Rising Wedge Pattern in Weekly TF. 2. In Bigger view This Rising Wedge Pattern has formed around resistance line off Bigger Flag in Monthly TF. (Red Doted Line) 3. This pattern can either Breakout or Breakdown any side but after considering above both points its likely to Breakdown rather than Breakout till green dotted support line. Currencies movements are on many Factors so Thats my view on USDINR is Slightly more bearish than Bullish. But I will appreciate your views on this too, what you guys are thinking?
Short
by KRSCharts
4
AUDUSD approaches 200-SMA hurdle on strong Australia inflationAUDUSD rises to the highest level in a week, up for the third consecutive day, as Australia Inflation numbers for March defend hawkish bias about the Reserve Bank of Australia (RBA) and underpin the Australian Dollar (AUD) strength. However, the overbought RSI could join the 200-SMA hurdle of 0.6535 to cap short-term upside of the Aussie pair. Following that, a downward-sloping resistance line from early January, close to 0.6615 by the press time, will precede a 15-week-old horizontal resistance area surrounding 0.6640-45 to challenge the buyers. In a case where the quote remains firmer past 0.6645, the previous monthly high of near 0.6670 will act as the final defense of the bears. Meanwhile, the 23.6% Fibonacci retracement of the pair’s downturn from December 2023, close to 0.6480, put a short-term floor under the AUDUSD prices. Also acting as an immediate downside support is a one-week-long rising support line near 0.6460. It should be noted that February’s bottom of 0.6440 will act as an intermediate halt during the quote’s weakness past 0.6460 before targeting the yearly low marked the last week around 0.6360. Overall, AUDUSD justifies upbeat Australia inflation but the pair’s further upside appears challenging.
by MTradingGlobal
Ethereum (#Ethereum) tests its long-term trendline support When Ethereum (#Ethereum) tests its long-term trendline support, it often sparks a significant upward market movement, known as a bull rally. #Pattern_Recognition: Ethereum (#Ethereum) has shown a recurring pattern where testing its long-term trendline support has resulted in substantial bull rallies. #Historical_Timing: Notably, each of these support tests has historically occurred in the month of January. #Projection_for_2024: If the historical trend continues, there's a possibility of witnessing a similar upward market movement or bull rally in January 2024, following the long-term trendline support test.
Long
by tradewith_ritik
EURUSD drops within bearish channel with eyes on Jackson HoleEURUSD prepares for the sixth consecutive weekly fall as ECB and Federal Reserve bosses prepare for the annual showdown at the Jackson Hole Symposium. That said, the Euro pair remains pressured within a one-month-old descending trend channel amid downbeat RSI and MACD conditions, which in turn suggest less downside room and highlights the stated channel’s bottom line of around 1.0785 as the key support. In a case where the sellers dominate past 1.0790, the 78.6% Fibonacci retracement of May-July upside, near 1.0770, will act as the final defense of the buyers, a break of which will direct the prices toward May’s bottom of 1.0635. On the contrary, a fortnight-long falling resistance line, close to 1.0880 at the latest, guards immediate EURUSD recovery within the bearish channel formation. Following that, the mentioned channel’s top line of near 1.0980 and the 200-SMA surrounding 1.1015-20 could test the Euro buyers before giving them a charge. In that case, the monthly high of 1.1065 and the late July peak of 1.1150 may check the upside moves ahead of directing the quote to the yearly top of 1.1275. Overall, EURUSD bears appear running out of steam but the buyers need strong reasons to retake control, which in turn highlights the central bankers’ speeches at the key event for the pair traders to watch.
by MTradingGlobal
USDINR Possible Elliott wave counts Hello Friends Here we had shared possible Elliott wave counts on chart of USDINR, which is clearly showing that on bigger scale we are in 5th wave of some higher degree, in which we had finished wave (1)-(2)-(3) and currently we are in either in wave (4) or in wave 2 of wave (5). Also both scenarios are discussed in this video post, you can go through this video post which is explained in best possible way for Educational purpose only. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Possible scenario Alternate scenario Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
by RK_Chaarts
6
PostMortem on BankNifty Today & Analysis of 22 MAY 2023First time in many weeks, banknifty underperformed nifty50. Ideally this move should have come last week when nifty50 had 2 more resistances to break and banknifty was near ATH. Better late than never. Nifty50 shooting pass banknifty is actually good for the entire stock markets in India. Only when all the components have caught up - a bullish trend is synchronized. This will pave the way for further breakouts. Friday we went home with the news that Rs2000 denominated currency notes are getting removed from circulation w.e.f Sep 30 2023.  Theoretically this should be good news for the banks - approx. 2-3 lakh crore stashed cash is going to return to the banking sector. Majority of this will flow into fixed deposits, debt mutual funds, equity mutual funds & stocks. From a formal economic perspective - this may be the best decision ever made. Ideally Rs500 currency also should be withdrawn in the next 3 to 5 year (according to me) so that the digital migration will gain more momentum. Having said that, I assume the economists & advisors has taken into consideration what will happen to the informal economy which is the silent backbone of real economic activity in India. Nobody has any clue how much of turnover is happening there - but its still huge! Kirana shops, road side vendors, dalals, brokers, drivers, maids, caretakers, chaiwalas etc are all from the informal sector. I am not really sure how many of them even have a bank account, leave alone financial investment opportunities. My grandfather used to carry cash with him, keep some in almari & some in the cash-pot near pooja room. Usually when the number of notes goes up - he exchanged it for the highest denomination available & stored it. He did not use a bank account then! I assume there would be lot of people in India who does the same even today (hope they get saved). --- Coming back to our analysis, as per the options data there was lot of fresh shorts taken at CE side. Mostly in the afternoon session. This contradicts with the nifty50 view which has got some new hope as the H&S pattern was negated today. The encircled traded region which just nullified a bearish chart pattern would have caused lot of momentum shift. Again as per options data shorts were created on the PE side. As I see it, market participants are long on nifty and short on banknifty. A real tough scenario to play out as banknifty has 38% weightage. Possible options are niftyIT to outperform (12% weightage) along with Reliance (10%) & LT + ITC (8%).  This should be a mega fishing week for the option sellers as a strong breakout could only emerge if there is short-covering on banknifty. Nifty by itself may not be able to pull all the weight. Tomorrow's Finnifty expiry may lead the way when few positions in HDFC & Bajaj twins gets unwound. --- 15mts is in a range based trade as of now which kind of makes it a good reward:risk for non-directional option strategies ultra short term. --- 1hr shows the trading range getting narrowed, the lows are getting shifted higher and the highs are getting lower. What follows is usually a range expansion. Chart may say the break would be on the upside, but the reality could be dependent on even macro/news events.
NSE:BANKNIFTY
by viswaram
EURUSD remains on the bull’s radar beyond 1.0900EURUSD prins mild gains within a one-month-old bullish channel even as RSI eases from the overbought conditions. That said, the impending bear cross on the MACD joins the major currency pair’s inability to stay beyond 1.1000 to lure sellers. However, a clear downside break of the stated channel’s bottom line, close to 1.0900 at the latest, becomes necessary for the confirmation of downside bias. Even so, the 50-SMA and an ascending support line from early January, respectively near 1.0745 and 1.0585 in that order, appear tough nuts to crack for the pair sellers before retaking the control. Meanwhile, the EURUSD recovery needs to sustain above the 1.1000 psychological magnet to convince buyers. In that case, the aforementioned channel’s top line, close to 1.1100, may test the upside momentum. Should the Euro price remains firmer past 1.1100, the 61.8% Fibonacci Expansion (FE) of its between November 10, 200 and March 15, 2023, near 1.1200, could lure the upside momentum. During the run-up, the late March 2022 top surrounding 1.1185 can act as an intermediate halt. Overall, EURUSD bulls appear to run up out of steam but the bears have a long and bumpy road before taking control.
by MTradingGlobal