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)

USDINR Short Term Overview – Apr 2020

33 sec read

USDINR retreated from its All time high on last friday after RBI has decided to reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis points thus discouraging banks from keeping their surplus funds with it.

RBI also ensured liquidity for small non-banking financial companies (NBFCs)

Last friday USDINR Futures formed value area lower compared to thursdays trading sesssion. Mid-Day drop is bought back around the intermediate support zone 76.40-76.50 and remains as the key support zone for the upcoming trading session. And the Previous all time high is currently acting as a support zone.

USDINR Hourly Charts

However if price breaking the zone 76.40-76.50 can bring the short term downside target to 76 and 75.70 levels. Sometimes a break below downside is much needed for more upside targets.

But do I think the upside in USDINR is over?
Not yet. We are not out this ongoing currency crisis. If any break on the downside is limited.

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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