This explains why you will not see a 60 to the dollar in near future. 60 to the dollar will wipe out entire Nifty and possibly the IT industry itself. If someone says the stronger rupee will help this country they have been fooling you for years. I’m open for discussion on this one.
With Fundamental Slow Down in the Indian Economy accompanying with rising Global Slowdown and Trade Wars.
Dollar Index is Touching New Highs and with no major moves in Indian Currency giving us a big trap signal on each fall in the USDINR or the Rising Rupee.
One can Long USDINR at 71.15-71.20 Levels for the Targets of 72.40, 73.25 and 74.57 in the coming months...
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Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
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R:R 20-40 Times
USD/INR Going to Show India's Rapid Growth All over World.
It will help in Development and Increase in GDP .
as the Indian equity market little revive usdinr will retrace somewhere around 70.50 and 70.32.
Confluences & Reason:
1. Bearish Rsi divergence on the daily time frame.
2. Pattern rising wedge broke out to the downside.
3. pivot level fib 38% and 50% retracement price at 70.32.
Sell At 71.4725 Stoplss 72.900
Reasons for Trade-1.Price formed bearish candlstick pattern near daily resistance
2.Daily Trend is down
3.Price reacted from important fibo level of 61.8%
4.Risk Reward 1;2
USD INR is both bullish and Bearish, let me explain in detail, as per the Elliott wave we can see a small up movement till 73.15 after than its clear down trend at least till 70.4
so one can short if it cross below 71.54 without doubt, lets see how it goese