USDINR DOW theory Weekly View from Monday 14Jun2021
Uptrend in Daily Timeframe
USDINR has broken out of a triangle/flag pattern
Retest of the same is expected to go higher.
However, gap up possibility is also considered, if this happens we are super bullish on it if it stays above the gap for at least an hour.
Details given on the chart.
Happy Trading !!!
Everything explained in chart...
Sold Put options of lower strikes and next expiry...
Disclaimer : This is a trading idea for learning. No trading call. Keep your stop losses and risks within your limits.
USDINR broke out and retested the 72.64 level
Also, the retest is fantastic with a big rejection hammer candle (bullish sign)
Buy the Dip is the view....
Making flag n pole continuation patterns
The dollar index completed 1 of 3. Whether 2 is over or not awaits confirmation, Keeping both scenarios open for the next two days if DXY goes below the previous swing low that would mean that 3 of (3) is going on else it might go above 91 and test the 40-day exponential average.
If 3 of (3) has started then all commodity prices should continue to move higher.
If you see 60 minute chart, You might see a clear triangle pattern and other indication also in favor for Dollar up but not clear when it will happen so be prepared for DOLLAR upside breakout but there is a minor chance for downside also.
I am more in upside rather than downside because of too many support are in placed right now.
Trade-1: Buy Above Central Pivot...
Hi traders
March Ist week turned out to be a game changer in the trading sector. Dollar strengthened with last week strong fundamentals
EURO against Dollar pair starting the month with strong down movement , price action supports further continuation of down momentum ..
It has a fair chance to retest the area of 1.20 and may continue its down momentum..
analysis...
Its been quite a volatile last few days - too may GAP UP / GAP DOWN , decisive bars but still no clarity on direction. Let us look at global markets to understand this in a better way
Dollar Index on important levels - can breakout or breakdown - chances of breakout quite high
US treasure bonds rising again - Though personally, I feel last time it was...
The BNF on the budget day gave such a massive green candle, now big question is - will there be a follow-up or consolidation or reversal
When BNF is in full swing applying any rational thinking becomes meaningless, the script has texture, nature of its own which is quite dynamic . When it picks momentum it just doesn't listen to itself just keep accelerating...
Om Namah Shivay
The US dollar index has been on correction from feb 2021 ( from 308 days).
The current structure is complete as it looks from the counting. There could be further sideways corrections or the downward continuation.
These needs to be validated again the invalidation points.
The future of the Dollar index looks running for upward for...
There is weekly support line which should be respected in first attempt, expecting DXY to bounce till 92.8 zone from 90.25-90.3 zone.
BUY near 90.26 for target of 92.8 and beyond.
This should be bearish for Equities, commodities, cryptos....
BULLISH DIVERGENCE AT SUPPORT ON MONTHLY FRAME ...WILL LEAD TO GOOD RALLY IN #DXY .. WHICH WILL LEAD TO GOOD CORRECTION IN #GOLD #STOCKS #BITCOIN #NIFTY #SPX
DXY is on edge of the support at 96. RSI has formed positive divergence but yet not turned up. Circle marks the perfect support which should be touched by 23-26th July, if it has to work. The overall frame of the trend is still pointing 94 but positive divergence can't be ruled out. Better to be on the sideline and see which support is in motion. If it comes to 94...
Ichimoku, MACD and RSI, all point towards another downtrend. The U.S. not able to control the surge in new COVID-19 cases is also not helping the index fundamentally. Below 96 again??
Disclaimer : This is not financial advice please do your own research before investment.
As you can clearly see right now DXY creating Bear flag if DXY failed to sustain
above and breaks the flag from downside then the next support will be around 95.9
and if the price goes below 95 then the technically support will be around 93.
