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 – Vertical Moves and Gearing Up Momentum

46 sec read

USDINR is on the verge of testing the All-time high. Momentum had geared up in the last couple of trading sessions. Previous All-time high 74.6875 is done long back around Nov 11, 2018. The current momentum is thus far driven by two factors

1)FED 50 bps rate cut
2)Corona Virus Fears

USDINR March futures cleared the older gap zone around 73.65 as explained in the previous article . However, Thursday session ended up with late recovery from the lows and likely odds that late sentiment could get spilled into the Friday sentiment as well.

Still, short term remains up and momentum drivers are the major driving force and the possible reason for this vertical spike. Further acceleration of momentum could drive USDINR towards All time high in the next couple of days (which the street is already anticipating since last week).

USDINR – Market Profile References

USDINR on Thursday session managed to reject the lows below Wednesday’s pullback low reference which is a likely indication that re-entry of momentum drivers is likely to step in. Still no emotions are reflected from the trading participants usually a sign of continuation.

The last couple of days price action reveals that crowded short term activity is competing at different zones which has some more odds of continuation towards 73.9 and 74.5 levels in a very short term.

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)

Anatomy of the Forex Market – Infographic

The foreign exchange (forex) market is a global market for buying and selling currencies. It is the largest financial market in the world, with...
Rajandran R
3 min read

USDJPY – Made a Top Formation

Finally, the USDJPY strengthening came to an end from a short-term perspective. Last Friday USJPY rallied to 151.94 levels surging past the August 1990 high...
Rajandran R
33 sec read

Dollar Index Made a Top Formation

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...
Rajandran R
32 sec read

Leave a Reply

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