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...
It seems that the pair is going to take a historic leap...
#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.
It is getting interesting in USD INR... the price continues to grind up while well into a strong supply zone.
Price is now staying put at the 76.45 zone and the probability of it moving up is more unless Sellers quickly take the initiative from the Buyers.
Weekly update - price consolidating / spending time around the supply zone at 76.20. Quite likely, the consolidation might continue in the short-term.
16.04.2022 UPDATE The slow grinding upmove of the last couple of trading sessions suggests absorption of supply.
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.
USDINR Only Close below 73 will be Bearish. Great Setup for Target New High in USDINR for Target 82 in next 9-12 Months.
FX_IDC:USDINR chart for the post corona fall phase shows that the present level is at; A) 78.6% Fibonacci extension level from the Feb 2021 bottom B) Resistance line of upward channel formed since May 2021 The intersection level at 75.96-75.98 is playing as the last resistance point before its move to lifetime high of 77.
USDINR has broken out of the symmetrical triangle pattern formed on the weekly chart which I had discussed in my previous idea. After that it has done a retest of the pattern trendline and the 20EMA on the daily chart. If we observe a continuation bar forming, as explained on the chart, we could see a retest of 75.50 pretty soon. Stay tuned for the continuation...
The USDINR currency pair charts weekly charts showing an inverted hammer formation at previous resistance zone close by trendline channel top shows the presence of bears and could be potential reversal signal that could possibly mean it is less likely for the currency pair to move to 76 levels and beyond. The dollar index may be facing resistance before 94.7. ...
USDINR has broken out of range after about 20 days. Good Volume candle Chart pattern - Triangle Break out Bull put Spread strategy for next few weeks...
On the weekly USDINR chart, there is a symmetrical triangle kind of a formation. It has taken about 20 months to form on the chart. This pattern could break on either side. My bias would be on the long side because the overall trend on the weekly and the monthly chart looks definitely bullish. But I would be open to re evaluate the scenario if it breaks the...
Note: This is for educational purpose only. Please do not trade in F&O based on this analysis. There seems to be a bearish reversal from supply zone. Low of current candle is lower than that of previous candle. SL: ₹ 74.70