Please keep in mind that this is only for futures and positional traders.
You can buy USDINR in 3 different buy zones, as mentioned (Buy zone 1, Buy zone 2, Buy zone 3).
There is NO-STOPLOSS; simply purchase as much as you can. Don't panic if it reaches Zone 3; instead, buy as much as possible.
It is important to note that this view is for the next three months...
USDINR possible and aligned Elliott wave structure of multi time frames from monthly to hourly.
Monthly chart
Weekly chart
Daily chart
4 Hourly chart
1 Hourly chart
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USD-INR after such a steep rise looks like it is in the 5th wave of bigger degree .
Within this bigger 5th wave, which should ideally be the last wave of a Major Rise, normally consists of 5 sub waves in smaller degree .
Now, Market is looking in 3rd wave of sub degree of bigger 5th wave that I was talking about in the previous two lines.
FX_IDC:USDINR seems to be forming Truncated 5th Wave.
Lot of selling pressure at 83 with RSI negative divergence suggesting momentum Fading.
Unless 83 is Taken out on closing basis. It could turn out to be Wave 5 Truncation as per Elliottwave Theory.
FX_IDC:USDINR Analysis:
Supports: 82.60, 81.90
Resistance: 83.15
Outlook: Rangebound between 82.50 to 83.25. Safer people can take the lower range as 82.
The overall trend is positive with a rising wedge (ascending triangle) pattern.
Can this happen with USDINR? time will tell, pattern suggest, chart patterns suggest 49 and then 39 as targets in years to come.
Use discretion! not a trading recommendation
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USD INR is seen to have completed its 5th wave of a smaller degree of bigger wave 3rd.
It should come lower and this can boost Nifty a bit at the least.
This is based on Elliott Wave Theory.
OANDA:USDINR
PPI data which is one more indicator of inflation has been in line with forecast of 0.8%. For the month of April PPI was at 0.5% and for the month of May it stands at 0.8%. In spot 77.70 to 77.80 is strong support zone . Though USDINR has pulled back little bit from its all time high. With federal fund rate to be announced tomorrow that is on 15-06-2022 it can be...
#USDINR spot pair formed a Rally-Base-Rally pattern on a daily chart. Fundamentals also support the current bull trend.
#Rising Interest rates
#Increase in India's trade deficit.
#Current economic conserns.
What lies ahead in USD INR in the short-term? I have marked zones / levels where one should observe the price action and can, accordingly, set up a trade, long, short of neutral.
USDINR has broken down and then took support with bullish divergence
it has a good resistance of long term EMAs (200 EMA and 50 EMA) also now
Looking at Bollinger bands also it seems they are squeezing... confirming the view of price going sideways
range - between 76 and 75
Recommendation : I am going for monthly expiry short iron butterfly.
As monthly future is...
USDINR just formed a double bottom pattern which shows that it is not interested in moving beyond 74.15 as a weekly closing basis. USDINR has given a breakout in weekly charts above 75.11 hence it can move towards 76.17.
Below you can see that its RSI moves in band, hence it can move to test RSI upper band.
