Currency Views-USDINR
After a sharp recovery in the previous week the pair was traded in a narrow range of 81.44-81.93 during last week. However, the Monthly candle confirms the trend reversal. We can safely assume that the top at 83.10-83.30 is expected to hold for the current month and possibly till the year end. We are witnessing demand driven by unhedged exposure getting covered. The ultimate projection for the down move is 79.20 which might take a couple of weeks. Due to various factors the currency is expected to consolidate between 80.70 & 82.70. A close outside this range requires re-assessment of risk/direction and target.
A few more observations:
• In the previous blogs the comparative analysis of 2018 & current scenario was discussed and suggested a possible correction in Nov 22 which is in progress. We saw nearly a 4 big figure correction in 2018. If the same were to repeat, we may see 79.20 soon.
• The long term trend line till at 83.10-83.30 levels holds for now and we are likely to see a consolidation between 79-82
• The DXY breaking the strong 106 is a sign of top in place for USD index. We may not see a runaway in DXY. the 105-106 range is yet another crucial price point and breach would see further fall to 102.
• The full impact of the correction has not yet been seen in USDINR currency pair, the fall in DXY might have given a sigh of relief for many Central Banks
• We do not see an immediate threat of crossing 83
• The raising upward channel indicate the broader range of 80.10-82.70
• The increased volatility and wild swings likely to continue
A few more observations:
• In the previous blogs the comparative analysis of 2018 & current scenario was discussed and suggested a possible correction in Nov 22 which is in progress. We saw nearly a 4 big figure correction in 2018. If the same were to repeat, we may see 79.20 soon.
• The long term trend line till at 83.10-83.30 levels holds for now and we are likely to see a consolidation between 79-82
• The DXY breaking the strong 106 is a sign of top in place for USD index. We may not see a runaway in DXY. the 105-106 range is yet another crucial price point and breach would see further fall to 102.
• The full impact of the correction has not yet been seen in USDINR currency pair, the fall in DXY might have given a sigh of relief for many Central Banks
• We do not see an immediate threat of crossing 83
• The raising upward channel indicate the broader range of 80.10-82.70
• The increased volatility and wild swings likely to continue
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.