USDINR Expected/Upcoming movement this month

Hello,

Good morning friends. This is Manish over here from Forexblues.com, save money earn money.

So let's go directly to the USDINR viewpoint today morning. Here you can see the daily chart of USDINR, and the daily candles, probably I feel like It should go a bit higher and if you see the other technical apart from the candles like MACD & the RSI it is indicating that it will be increasing upside. In the chart, the first point of resistance would be something around 75.50 and the next level would be around 76 or 75.92. I remember it was the resistance point last time I said.

We are asking all the exporters to go for at least 50% booking at 75.50 positions. In fact, you can start booking from right now at 75.20 around, go for forward contracts up to 40%, or even 50% is recommended. I am just telling it because if you see the weekly chart then you will find that the overall trend of the week is the downside which is bearish.

It is in the falling tendency moreover. Now, if you look at the monthly chart, you will find that after 4-5 months around it has formed a red candle.

So you can see in this month's chart it is completely red not green which was bullish earlier. So there is an indication that it has already come down from the level of 76 and you know that in the month of March and April, it was above 76.60 and fallen from there.

So right now we are at 75.20 around. Okay, it can go up and has the possibility to touch 75.50 and 75.92 soon. But to say for upside with 100% surety, then it would be very wrong to keep my clients waiting in the expectations for the above levels.

Exporters for your remittances, we would recommend to do the forward booking. And if you want to take the risk, that's your call for the luck.

We are still with you. If you have any queries then do WhatsApp and write to us and ask questions any time you wish.

Thank you

I hope you like our articles and please subscribe to us at our social media account on Twitter, Facebook LinkedIn, and Telegram. Download our Android apps from the Play Store. Thanks a lot. Have a nice day.

Comments

Dollar Index upcoming expected movement

Hello Readers, Today let's discuss Dollar Index (DXY) and its expected trend for the upcoming days. The Dollar Index (DXY) has found support at 101-101.3 multiple times, since May 2022. Its direction is uncertain due to the upcoming FED interest rate announcement on May 4th at 00:30 A.M(IST) which could send the DXY soaring or tumbling. Incase, the FED hikes interest rates by 25 (bps)basis points or more then the dollar index will likely be uptrend and reach 103.50-104.70 levels in the upcoming days. If the FED leave things as it is then the DXY will go for a toss in upcoming days down to 99.5 level. We can see a clear trend in DXY only after the FED announcement, which will also impact all the currencies worldwide. The outcome of the FOMC meet has become the hottest topic around the globe, so don't miss out.

USDINR Weekly Expected Movement 2023 - forexblues.com

Hello Everyone. Hope you all are doing good! Today we will discuss about the weekly forecast of USDINR from 10.04.23 to 14.04.23 quickly. On Monday, the dollar index strengthened above 102. According to the datas released last week, including jobless claims, ISM PMIs, and other indicators, the US economy is still expected to experience difficulties. The dollar is currently at 81.90, and we'll discuss about the USDINR's weekly trend. Looking at the chart, we can see that the dollar is holding steady at the 81.70/75 level and there is a strong support. Therefore, it will likely rebound from here, we wll observe a trend reversal and it will face resistance at 82.20 and R2 82.50/60 as per technicals. Hope you found this short article helpful. Thanks Forexblues.com

USDINR Future Movement Mar 23

Hello everyone, Hope you are doing good! Today we will be discussing the USDINR expected movement in the coming weeks. After a prolonged range bound price action from 83.00 to 82.40 levels, USDINR managed to break down and trend downward. Last Friday, a combination of corporate Dollar flows, bunched-up selling from exporters, and stop-loss selling from speculators drove the pair below 82.00. In the offshore, USDINR is trading near 81.70 levels on spot reference. Immediate support is near 81.70 which act as S1, but unless RBI steps in, it is unlikely that support will hold. If the support breaks we can see 81.30/40 levels which is S2. Financial year-end exporter selling and speculative short interest can drive the pair towards a more meaningful support zone near 81.00 levels on spot. In the past, RBI had shown enough interest to build reserves near 81.00 levels. On the Upside we expect USDINR to face resistance on 82.10/15 levels which acts as R1 and next R2 would be near 82.40/50 ...

Dollar to Rupee Future Forecast

Search This Blog