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
it seems an ending diagonal has formed and a bear divergence on the rsi can favor a bearish dip. it might open a new door to big players accumulate but if price really holds 70.65 and 70.32. otherwise it will drive into bearish trend. following long time frame usdinr does not look it will enter into bear trend certainly as usdinr having no favorable sentiment. ...
Though I'm just learning but this seems to be a Flag Breakout and we can buy at market or on some dips upto 70.30 for medium to long term targets of 75, 78 & 80 with a closing basis stop loss below 68. If I'm mistaken then please do correct me as I'm always open to learning the technical patterns and concepts. Thank you.
Hi, we saw USDINR's 2018 move from 68.31 to 74.48 and now we are on the same phase of market cycle from 1 august to october 10. 2018. I'm expecting same market cycle in 2019 along with other three INR pairs EURINR, GBPINR, and JPYINR. do your maths.
I'll keep updating when I see new opportunity. Thanks!
Be neutral. empty your brain. learn and unlearn. abandoned...
It looks like USDINR have made a bottom for now at around 68.25 and is willing to go higher. Expected move for USDINR might look like shown into the chart according to Support/Resistance and Fibonacci Levels.
I find USDINR is preparing for small up movement. So did one full Elliot wave analysis.
When the USDINR Elliot wave analysis was complete, result was not satisfying.
But The correct cycles are ((I)), ((II)), and ((III)) marked on chart, And I tried to fit all five which went wrong and waste of time.
This analysis is for reference purpose and learning...