Trading View: USD/INR (spot) trades over one hundred day moving average

By: Admin
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Insignia Consultants

New Delhi

Wednesday, March 31, 2021  TIME 10:09 AM IST                         

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Trading View: USD/INR (spot) trades over one hundred day moving average

Indian rupee is trading at 73.4825. It is trading over one hundred day moving average but usd/inr is trading below two hundred day moving average of 73.7325. Rupee has been on gaining trend this year. Rupee has weakened over one hundred paisa (against the US dollar) in the past five trading sessions. I will attribute rupee weakness to quarter end demand and nothing else. Rise in US dollar Index over 93.00 and decrease in bond yield gap between India and USA are the other reasons.

Technical trend for USD/INR spot

  1. Fifty day moving average at 72.73725 is the short term support.
  2. One hundred day moving average of 73.2425 is the immediate support.
  3. Two hundred day moving average around 73.7325 is the key medium term resistance.
  4. There is a double bottom around 72.2500.
  5. Usd/inr has to break and trade over two hundred day moving average of 73.7325 for atleast five consecutive trading sessions to restart its weakness and rise to 74.3375 and 75.2375.
  6. Usd/inr will crash to 72.5425 and 71.6425 in case 73.7325 is not broken by 12th April.

Trend of Usd/inr in the first two weeks of April is the key from a quarterly perspective. Right now all rise till the 12th April is a selling opportunity for exporters and traders. However if usd/inr continues to weaken on or after 12th April then chances of a quick rise to 75.2375 will be very high.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.Website www.insigniaconsultants.in. Prepared by Chintan Karnani. Customer care, whatsapp/telegram 9311139549

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

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