The recent strengthening of the USDINR currency is due to the continuous buying of FII’s for the past 15 days into India Equity Market. Interestingly FII’s are the net buyers for the past 4 months and this march so far they had invested close to Rs 6,034.50 crore into the debt segment. And so USDINR Futures (MCX-SX) currently looks oversold on the hourly charts.
USDINR Futures had tested a low 61.2 and currently trading at 61.4 and looks little oversold. And currently the resistance zone comes around 61.58. Reverse your position to positional longs if the resistance breaks on the higher side.
Related Readings and Observations
USDINR – Medium Term Technical Outlook Just like any other Emerging Market currency - USDINR also depreciated since the start of the year 2018. The recent Debt crisis in Argentina, Turkey and Brazil. The unexpected lift in […]- [Interesting Charts] USDINR Divergence Charts Interesting Divergence behavior in USDINR Daily charts while trying to use Fisher Transform indicator by Ehlers. Almost every divergence as shown in the above charts extended any where […]
- Live NSE Currency Derivatives – Futures and Option Charts We are proud to launch Live NSE Currency Derivatives – Futures and Option Charts (USDINR, EURINR, GBPINR, JPYINR Futures and Options) with lots of technical indicators and Interactiveness. […]
- Inter-Relationship is Shifting – FII’s in control of Nifty? Since strength of INR (Falling USD/INR Chart) is more or less vertically followed by rising Nifty and Bank nifty –it is safe to assume that FII’s are dominant in present market situations […]
- MCX Currency Novemeber Futures Trend Overview USDINR spot on last friday closed at 61.37 which is a two week low. Yen fell to a seven-year low against the dollar on Friday as the Bank of Japan surprised financial markets by […]
- USDINR and GOLD Spot Price Medium Term Outlook Currently both USDINR and Gold maintains a medium term buy mode. And the support zone comes around 59.55/Dollar and 1260.6 respectively. Outlook will turn bearish if the support zone […]
How do u arrive at your conclusion 62.29 is point that invalidates your above view?
Its a simple mean reversion strategy and so the recent lows are kept as Initial Support and the Fibo retracement levels as targets.
Oops it was a wrong chart and wrong analysis as it was Feb Futures. Changed the Chart and change in the strategy too.
hi rajan
i want to add usdinr pair to mt4 for studying its charting, can you please help me how to do the process.
goods charts