INRUSD trade ideas
INRUSD a formation of harmonicThe price action is forming a bearish shark and a bullish gartley insha Allah, the short position area and long position areas are mentioned according to gartley.
Regards,
Atif Akbar
The only level in play is 68.86=> After many requests from our followers in India we are posting an update to the USDINR map.
=> Here from a technical perspective we can see that there is a case to be made for the '5th wave' already being put in place... although we didn't quite reach the target for the minimum flow it came close enough.
=> This means the next big support level below is 68.86 which includes a confluence of major highs in 2013 and 2018. This is the 50% retrace of the final advance wave.
=> Rationally, the fact this level was so important on the way up and took many times to crack ...we know it will be equally important on the way down. A break below will increase confidence that a major top has been put in placed and afterwards there is very little in the ladder till 66.15.
=> Here actively looking to build positions to the downside and tracking 68.86 very closely.
=> Good luck to all those trading this one in live or looking to build positions ... or simply watching from the sideline
USD/INR- Short after pull back USD/INR post good correction is ripe for a pullback till 71.5, which can be a good entry point for shorts.
USDINR EW Analysis and Most likely paths - not so long termMost likely path based on confluence of EW targets
USD INR Sell set upLooks like we are very near to complete a 44 year long bullrun in USDINR. Prices have moved up from 7.39 in 1974 to above 74 yesterday. Now is time for correction of this 44 year bullrun.
Retracement levels:
23.6 at 58 - 59
38.2 at 48 - 49
50 at 41 - 42.
USD INR bulls be careful. This is not a recommendation to long or short but a view on the pair.
Further EM pressure and INR will capitulate=> With oil creeping higher again we are maintaining a bearish view on India
=> There is no reason for INR to no longer remain offered as US yields push higher and attract foreign capital and global uncertainties rise.
=> The Indian government deficit has rising for half a year now and we are seeing a widening of corporate spreads with equities selling off.
=> This will be a very interesting one to track as we may see capitulation in other EM markets.
=> GL all
Key reversal for USDINR in play here=> Studies are starting to show we are extremely overbought here in USDINR and a mean reversion play looks imminent...
=> The daily close below 71.38 will confirm this and unlock both the 70.395 and 69.530 before there is anything else to the buy side.
=> Similarly to the USD/RUB and USD/TRY we are starting to see temporary short-term highs across most of the EM spectrum.
=> Good luck
USDINR - Daily - Some breathing space for the bears?Trade Alert
USDINR is now moving away lower from its all-time highs near the 72.90, which was reached today. As we can see from the chart, the pair continues to trade above a few upside lines. For now, the main focus will be on the steepest short-term upside line, taken from the low of the 9th of August. If USDINR reaches that line and bounces off of it, this could get picked by the bulls, who could then drive the pair back up towards the all-time high level, or even higher.
Even if the a break of the aforementioned upside line happened, still the bulls could have a good opportunity to jump in near the medium-term upside trendline, taken from the low of the 10th of April.
Please see the chart for more details.
Don't forget your SL.
USDINR nice short opportunity since the daily chart stoch rsi , and rsi shows overbought condition and we are heading to 1.618 ext of last rally down on daily chart , and counting wave 4 extension of 3.618 fib , and could be a great short opportunity for overdue correction
Will INR recover?No signs of recovery in INR as it has broken past its long time resistance. A break below 69.00 is must where a the USD/INR pair could lead to a potential short setup.
(Very) Long term analysis for INRAs of today, my very long term analysis for INR is as shown in the chart.
I will update the chart if I see any major change in the structure
USD/INR - Charts show a scary picture going forwardUSD/INR
Monthly Chart
CMP 70.32
A nice VCP pattern breakout observed.
Previous VCP pattern breakout propelled USD by 40%;
If history repeats, USD/INR likely to touch levels close to 98-100 in a similar time frame (around 2 years).
THIS IS NOT A TRADING CALL AS POSITIONS CANNOT BE TAKEN FOR SUCH A LONG PERIOD OF TIME.
VIEW NEGATED AT 60.
