Amid, Corona fears and country GDP data is out at 4.7%, it is absolutely interesting times to discuss USDINR short term trend. Data released on Friday showed GDP (gross domestic product) grew by 4.7% in the December quarter, slower than the upwardly revised growth of 5.1% in the previous quarter and below the downwardly revised 5.6% in the December quarter of 2018-19
Fresh Corona Fears surfacing up in Delhi & Telegana adding more volatility to currency markets.
Update on #COVID19:
— Ministry of Health (@MoHFW_INDIA) March 2, 2020
Two positive cases of #nCoV19 detected. More details in the Press Release.#coronoavirusoutbreak #CoronaVirusUpdate pic.twitter.com/kf83odGo8f
Currently, USDINR Futures (NSE) is testing the major high reference 62.6200 levels. Short Term trend turned positive last week. Weekly and Monthly trend is also running positive.
Momentum is picking up and the street is expecting a All-time high in USDINR Futures. However conservative momentum targets can be placed at the prev gap levels around 73.65 levels in a very short term.
USDINR Profile References
Currently Major Swing reference levels around 62.225 is the major reference to watch out immediately. Short term buyers are defending and buying at dips. Better not fight the short term buyers when short term sentiment is holding positive.
Overall a conservative target of 73 and 73.65 i.e the close of the gap is the likely upward levels to focus in a very short term. And monitor for momentum to pick up.
