INR
PAIN FOR INR AHEADAfter breaching the all time high on AUG 14,
Analysts would be looking at USD/INR's market action in the coming weeks,
If the move sustains, the new 'normal' would be between 71-75 for USD/INR as per monthly charts.
USD/INR Long Opportunity From 72.8000 USD/INR long From 72.8000
Target Point 74.3000
Stop Loss 7250
Stay Tuned.......!!
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longone day candle should close above the prescribed buy level
refer chart for details
it is so bullish will reach that level
USD/GBP in bullish trend.USD seems to have bottomed out with clear recovery and short term bullishness.
Negative Divergence in USDINRMomentum indicators are showing negative divergence in INR.
targetting 66.50
Ascending Triangle on USDINRAscending Triangle pattern formation on USDINR and the price near to the DEMA 200.
Trade:
Buy above - 65.025
Target 1 - 65.525
Target 2 - 66.135
Stop Loss - 64.295
EURINR Elliottwave: Looking for break of monthly trendlineTalking Points:
Technical Strategy: Bearish
Elliottwave Count: Either wave (C) continuation or B wave of (B).
HTG Note:
Larger outlook on weekly chart is showing weakness on long and short term. EURO vs Indian Rupee price is testing weekly trend line. Last time this line was tested on September, 2015 and post that we seen nice pullback towards 77.80 levels. We in HTG consider that was correction and marking as a wave (B). From 77.80, we were seen bear continuation and currently price is testing same weekly trenline. Break of this weekly trendline will be very bearish outlook for Euro. On alternate, if price is start trading higher, we are expecting to see price can go and above 82 levels before it's turn bearish again.
Lower time frame, we are seen reaction near trend line support, however current price is trading in just correction and testing horizontal resistance on 70.15. We are expecting this zigzag correction should be over. To confirm, bear trend is back in force, we need to have channel breakout here @ 70 area. Post this breakout, we are able to mark correction over and can trade for lower target below 68
Action
We initiated short position @ 1.77 with limited stoploss
USDINR Short - Move out of BalanceBalance B/O , SL 66.20 (if it enters upper balance), target 1 isPOC of lower balance which is around 65.25 and target 2 is lower bracket of balance around 64.3
Market MovementsToday the market is almost at the same point it was a year ago. So during the year the market at seen quite a bit of a roller coaster. This year the Indian indices have been strongly affected by the USD strength. This chart is a correlation between the two variables, the USD and INR. The chart on the top shows a strong negative correlation between the two variables, meaning when the USD becomes stronger the sensex becomes weaker. The fall of the sensex in Aug 2015, in Feb 2016 and again in Nov 2016 amply demonstrate this. If this remains as is then the current decline should continue till positive news in anticipation of the annual reports start to pour in. Watch out for concerns in the either the weakening of the USD or INR in the coming months.
Comments and thoughts appreciated
