This is my first post of this blog, related to trading the Indian stock market. However my first post is about the current trend of Rupee/INR. Those who actively/passively trades in currency, this USDINR October Futures daily chart has something to say.
As you can see in the charts above, USDINR took exact support at its rising trend line near 62 and bounced back up, closing at 63.15 on Friday, 27th September.
Its has corrected after making a high at 69.12 to 61.56, of course with the help of some positive announcements made by new RBI's governor Mr Raghuram Rajan followed by no QE taper by FED's Ben Bernanke.
So what does the future looks like? Well, technically as long as USDINR Oct Future does not starts trading below 62, there is a possibility of testing higher levels next week. With a minor hurdle/resistance level at 63.90, USDINR can go up to 64.70-80 coming week between 30th September-4th October.
Monday, we shall be getting India's Current account deficits (CAD) numbers as well. A lot of the Rupee movement next week depends on the CAD. So as of now, look to go long on USDINR on declines with a Stop Loss of 62, for possible targets of 63.90 followed by 64.70-80.
Active traders can think of shorting when it reaches 64.70-80 with a stop loss of 65 for a retest of 63.9 at least. But please note, a move/closing above 65 will trigger an upside target for USDINR at 66-66.50, which is the upper trend line and a pending gap to fill as you also see in the charts.
For live market updates and calls, you may follow me on https://twitter.com/urf_prince
Good Luck and Happy Trading!!
As you can see in the charts above, USDINR took exact support at its rising trend line near 62 and bounced back up, closing at 63.15 on Friday, 27th September.
Its has corrected after making a high at 69.12 to 61.56, of course with the help of some positive announcements made by new RBI's governor Mr Raghuram Rajan followed by no QE taper by FED's Ben Bernanke.
So what does the future looks like? Well, technically as long as USDINR Oct Future does not starts trading below 62, there is a possibility of testing higher levels next week. With a minor hurdle/resistance level at 63.90, USDINR can go up to 64.70-80 coming week between 30th September-4th October.
Monday, we shall be getting India's Current account deficits (CAD) numbers as well. A lot of the Rupee movement next week depends on the CAD. So as of now, look to go long on USDINR on declines with a Stop Loss of 62, for possible targets of 63.90 followed by 64.70-80.
Active traders can think of shorting when it reaches 64.70-80 with a stop loss of 65 for a retest of 63.9 at least. But please note, a move/closing above 65 will trigger an upside target for USDINR at 66-66.50, which is the upper trend line and a pending gap to fill as you also see in the charts.
For live market updates and calls, you may follow me on https://twitter.com/urf_prince
Good Luck and Happy Trading!!
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