USDINR 18th Jan 2016
USDINR Minor Trend is down. USDINR Major Trend is up / bullish. Regular readers of this website will recall that when USDINR was at 66.35 we clearly mentioned that we see USDINR touching 67.15 spot levels and last week that target was achieved. Now we are not expecting significant upside from here beyond the next 3-4 trading days. We are not in the camp that is projecting USDINR to touch 70-72. Sure we will touch 72/70 but we do not see that panic in USDINR coming as of now. We see USDINR heading towards 63-63.5 from the range around 68. So use the upside panic in the next 3-4 trading days to sell into usdinr (if you are trading only on the basis of this post then please use appropriate risk management systems and trade)
Our view in short is that between 67.8-68 we should see the top being formed for USDINR and then we see a sharp bullish appreciation in INR which will take USDINR towards 63./63.50. Post that move towards 63.50/63 we will then see 70/72, but we will not see 70/72 now in this current round. So keep calm for the next 304 trading days 24th Jan 2016 is a very important time cycle day for USDINR and needs to be seen what happens around that day.
Good Trading To You!