Presumably in its Wave C, can head up to 73.20-73.90 zone.
Doubts on New High.
Invalidation below Contracting Triangle's Wave C Low. Red Trendline can be used for Trailing.
USD/INR appears to be within a sideways corrective. Appears like one more dip before it starts another up move. FM could give a short term boost to INR/Banking today in her budget speech
Trading Strategies
Plan A - Risky Traders
Buy with strict stops below 70.35 for 72.25
Buy above 72.50 for 74.50
Buy above 74.50 for 75.50-76 handle
Plan B- Safe Traders (Post Pattern Breakout on upside)
Buy only above 72.25 for 74.50 & above targets as mentioned in Plan A
Note - If USDINR moves in desired direction as expected upside holding 70.35/70.50...
Daily chart of USDINR
Upper line of the channel connects high of Aug2019 and high of Jan2020
Lower line of the channel rejects further fall when lower RSI
Current rising trend since Middle of Jan2020, from lower line of channel , can sustain as long price stay above Blue color trend line.
For break-out from the last 6 months higher price action, it face...
TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 10 to 12 times.
Larger resistance and an upward channel is forcing the pair to go higher. This along with global negative cues and annual government of india budget which markets didnt like can possibly take dollar up to 72₹.
Stoch RSI is trending with BUY signal and today it's closed at a very crucial point which will be tested tomorrow.
Critical point: 71.06 open above it will take it to 71.26.
Stop loss: 70.84
This is Buy Strategy in USD/INR using Range Forwards - Keep Buy Call OTMF and Sell Put ITMF. Treasury Consulting Group (TCG) expects INR at 76 by Dec 2020
Relatively simple trade. Nothing complicated about it.
I also wanted to draw attention to this asset class which is still not getting much attention.
One can trade CDS futures and options on NSE for very low margin.
e.g. Intraday margin of 700 INR for 1K lot. And about 1400 INR to carry positions overnight.
This is not bad. 1 lot will result in INR 1000 pnl for...
In daily chart of USD-INR pair, price is moving sideways and bouncing off the bollinger band support. If price moves higher tomorrow, a long trade with entry at around 71.0 with a target at 72.0 and stop loss at 70.5 can be initiated.
Approx maximum trade duration: January end
![USDINR: [Intraday] USDINR Long Idea](https://s3.tradingview.com/x/XpcRWkvf_mid.png "[Intraday] USDINR Long Idea")
