USDINR - Indian Rupee Trade Idea!
Actualizado
A requested currency pair - Technical and Fundamental view of USD/INR!
Fundamentals: The countries of BRICS are facing a very difficult time especially India due to covid levels - fundamental aspects of there currency: They had kept rates unchanged, I expect that to continue for while. As The dollar decreases, I expect it to follow the trend it is going in longer/Medium Term.
Technical aspects: We have a down trend, as this moment of time we are in a type of consolidation - Which as you can see from my analysis it could break either way.
- Time Frame: Daily
- Pattern: Triangle / Bear flag formation.
- Fib Retracement : If it goes above within the range I expect pull back towards areas of: 74.400 - 75.110 = 0.618-0.382
If it goes within the trend it is going breaks below the area of range of: 72.700 - I expect the next target between: 71.940 - 71.230
- Trendline down - that's nice pull back area where there would be a stop hunt those areas would be a great area to short it for a greater R/R trade. As long we don't above trendline down, the bears are still in control.
- EMA - 50/200 - Very bearish if we above that bulls could gain further control but I don't expect it to last long - nice resistance area.
Overall: See which way it breaks out - Patience is key. Put an alerts or if you're feeling much more confident put in an orders in.
All the best,
Trade Journal (TJ)
Remember: Just a trade idea, not a recommendation.
Fundamentals: The countries of BRICS are facing a very difficult time especially India due to covid levels - fundamental aspects of there currency: They had kept rates unchanged, I expect that to continue for while. As The dollar decreases, I expect it to follow the trend it is going in longer/Medium Term.
Technical aspects: We have a down trend, as this moment of time we are in a type of consolidation - Which as you can see from my analysis it could break either way.
- Time Frame: Daily
- Pattern: Triangle / Bear flag formation.
- Fib Retracement : If it goes above within the range I expect pull back towards areas of: 74.400 - 75.110 = 0.618-0.382
If it goes within the trend it is going breaks below the area of range of: 72.700 - I expect the next target between: 71.940 - 71.230
- Trendline down - that's nice pull back area where there would be a stop hunt those areas would be a great area to short it for a greater R/R trade. As long we don't above trendline down, the bears are still in control.
- EMA - 50/200 - Very bearish if we above that bulls could gain further control but I don't expect it to last long - nice resistance area.
Overall: See which way it breaks out - Patience is key. Put an alerts or if you're feeling much more confident put in an orders in.
All the best,
Trade Journal (TJ)
Remember: Just a trade idea, not a recommendation.
Nota
No trade yet - Until break out.Nota
Break out towards upside, reached key areas as expected.
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