Short USDINR Target 71.32 short term.
According to Indian market today Nifty, Bank Nifty, Sensex all bounce up with a strong bull rally. also USDINR four hours chart looking bearish.
Fundamentals to Watch New Governor, Political parties Exchange, Indian market zoomed up.
USDINR short term target 71.32.
USDINR four hour chart looks bullish go Long 72.30 Target today or possibly next week. Stop Lose 71.60
Technical buying signal, trend lines respected, fundamentals Indian market looks consolidating for a bearish dip and can be seen profit booking Friday and Monday
Just let you know USDINR in a critical support zone if it breaks 69.50 Short again for a target of 68.50 within a week.
Fundamentals:- Crude oil, Brent Oil supporting, US GDP negative, US Fade Rate Hiked, US Home sale negative. Rupee getting Strength all the way up from JPYINR, GBPINR, EURINR, and last but not least USDINR.
All Jhingalala (:
USD INR spot @ 66.24, market is currently trading near resistance 66.30, forming series of higher low, as it’s break resistance level, will test 66.60 then 66.80
Do not complicate with market, its simple follow the price action
Expected Range of the week : 65.98-66.60-80
S2 S1 Pivot R1 R2 R3
65.62 65.98 66.20 ...
USDINR face fine support within (64.70-64.80) and a multiple time test of this range sees a clear divergence with the MACD indicator. On the higher time frames, momentum indicators too have created a divergences which suggest that the Dollar will try to appreciate from current prices. However we should wait for a confirmed break above 64.90 for further upsides ...
Last Traded Price was 67.85- As per previous update, look for the zone 67.15-67.41 as key zone & 67.15 as critical level where Dollar rupee likely to bounce as that zone troubled for a good number of months acting as resistance zone & most likely to form support so they have changed their role from resistance to support- that is called polarity reversal.
Here we have potential ABCD completion around 66.1's in USDINR but it will happen only after the support at 66.5's takenout. As of now I expect USDINR will move little up to 66.85's before starting its downward move. Incase the resistance is taken out, we need to decide based on what happens after that.
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