May go up to 72.46, intermediate term target being 69.34
While all are busy with Nifty and stocks we must not ignore that the USDINR has registered a breakout from a 6 months symmetrical triangle. The RSI is well placed into bullish zones with the pattern target placed at 74. However a break below 71.55 will render the pair into consolidation again.
Resistance at 72.20 - Stop 72.40 Supports 71.15- 71.20 Breach of Supports will open for 69.80 - 68.20
Target of 73+. Stop being Low of C.
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.
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.
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...
Please see chart for Target .Enjoy
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...
USDINR has bounced from support and should see upside in the short term.
USDINR LONG TP - 74.25 once it breaks 71.25
USDINR shot up by 39 paise to 71.77 on Friday as the crude oil price shot up by 3 dollars in the wake of gulf crisis, is showing signs of abating. On 4 hrs. chart it has come to rest at 4 days exponential moving average @71.7590. It has negative divergence with RSI and undershoot the ascending trend line, could fall to 71.80 at 9 days exponential moving average.
USDINR after reaching its high level range 72.20 is trying to test -- support range of 71.20-71.40 Any break down in any levels may lead to the further down levels of 70.48. On the Resistance side, it may test 72.53 & 73 levels in the coming days. Be Cautious with each trade. -- Market Commentary|Investiture.in