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 and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

Is the USDINR Braced to test All time High?

39 sec read

USDINR Daily Charts
USDINR

After Dr.Raguram Rajan’s(RBI Governer) announcement that he will not continue in office for the second term, stock markets on Monday reacted with gap down and recovered on relief of BRexit fears. However from the currency front USDINR ended at 67.6 with strong momentum . EOD sentiment is holding positive and also the coral trend indicator turns greens indicating that a possible uptrend from here on.

Historically, the Indian Rupee reached an all time high of 68.90 in 26th FEB 2016 with a double top formation ( a day before Union budget 2016). On the weekly charts too USDINR is gaining momentum and the underlying trend is strong so far.

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USDINR Weekly Charts
USDINR Weekly

As the Economic Times rightly mentioned

Rajan was at the helm of steering the rupee amid extreme volatility in the 2013 taper episode, the rating agency said, adding that his effective resignation could push the currency on the backfoot as an immediate reaction.

Our expectation is that possibly one could expect USDINR to trade in the 69-70 range striking all time high before the end of July 2016.

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 and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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