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Usdinrstrategy

USDINR - all time highs will be taken out in November?USD is making some serious inroads. INR trailing behind unable to maintain the equilibrium. 83.4210 is the current ATH. Today we went up to 83.3010. TVC:DXY at 107. Continued FII selling will only add fuel to the fire. When the Indian media houses are gung-ho about the decadal that belongs to India & its growth story - the people outside are not that interested. TVC:US30Y quoting 4.945% looks exciting from a debt perspective ! -- A rising USDINR means the INR is getting devalued. Calendar year 2022 saw an erosion of 11.07%, YTD is only 0.61% - will the rising US yield + war in middle east further erode the Indian Rupee??
Long
by viswaram
USDINR: Breakout and retest done, 75.50 coming?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 of the story.. _______________________________________________________________________________________________________________________________________________________ Manage risk properly and trade your plan. Like and follow for more.. :)
ULong
by Tradeception_
3
USDINR: Breakout or Breakdown?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 pattern and the trendlines to the down side. Possible upside long term target: 81 Possible downside long term target: 67 Wait for the breakout and retest on either side, then trade on smaller timeframes. _______________________________________________________________________________________________________________________________ Manage risk properly and trade your plan. Like and follow for more. :)
ULong
by Tradeception_
USDINR View Scenario 1 : Continues the Head n Shoulder breakdown (can you spot Head and Shoulder?) to achieve T1 of Head and Shoulder breakdown target & 200 EMA Support. If breaks further, then T2 can be achieved which is a support of 2 hammers printed previously. Scenario 2 : If it does not break and open flat or gapup, it may consolidate here before breaking down. Range 74.5 - 74.25 Scenario 3 : It may achieve T1 and do a false breakdown of the inclined trend line (& 50 EMA) and again bounce back up. Look for bullish candle patterns here.
UShort
by NeelamN