Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in)

Dollar Index Made a Top Formation

32 sec read

Finally, the dollar strengthening came to an end from a short term perspective. The dollar index tracks the relative value of the U.S. dollar against a basket of six influential currencies (Euro (EUR), Japanese yen (JPY), Canadian dollar (CAD), British pound (GBP), Swedish krona (SEK), and Swiss franc (CHF).)

Dollar Index Daily Charts

Last couple of months dollar index moved in a one-way street and the last couple of days Dollar Index (DXY) went perpendicular nearing 20 Year high followed by an upthrust bar indicating a potential trend reversal. An Upthrust bar is a wide range bar seen during an up-trend when the price makes a new high and closes strongly down on the high volume.

Dollar Index – Quarterly Charts

Relative Performance

Year-to-date JPY/GBP depreciated approx 20%. Comparatively, Indian Currency INR depreciated against USD only 9.29%.

In the short term looks like the global currency crisis came to an end.

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in)

ChatGPT4 Interpretation About USDINR Price Action Analysis

I'm impressed by the analytical and reasoning capabilities of ChatGPT4, which inspired me to evaluate its image-processing skills, specifically in interpreting basic candlestick charts....
Rajandran R
2 min read

Simplifying Money Transfers: The New IMPS Rule

In today's fast-paced world, the ease of online money transfers has become an indispensable part of our financial lives. Whether it's paying bills, sending...
Rajandran R
2 min read

Technical Analysis: USDINR Trading Range Breakout and RBI’s Monetary…

Since October 2022, the USDINR currency pair has exhibited a notable compression in its trading range, with a significant resistance level observed around 83....
Rajandran R
1 min read

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More