Update on USDINR – 6.Feb.2015

Update on USD-INR - 9.Feb.2015
Update on USD/INR - 5.Feb.2015

Hi all,
You are reading my 100th post in the category “Forex”.
USD/INR opened at 61.9950, a bit higher than yesterday’s closing LTP 61.97. As said in my blog post yesterday I hope the selling will continue atleast upto 61.86, the Daylow was 61.8625 and then pair started to bounce back upto 62.0350 (Dayhigh). I was expecting the pair to touch 62.06 atleast but Bulls lost their way at 62.0350. Hence the pair went down again and closed at 61.9150.
Analysts may say that the market lost its momentum by waiting Non Farm Payroll (NFP) from U.S. in the daytime. Anyhow NFP data came out a bit earlier and seems positive for US Dollar.

Technical analysis of USD/INR:-
Implied Volatility (IV) analysis showed that the pair was a bit bullish today morning.
At the same time, we were in moderate Sell zone as per Williams %R indicator, which showed a reading of -50.67. Its believed that a reading between -50 & -80/-90 is in Sell zone. Also DI+ and DI- indicator in ADX showed that Bears were stronger than Bulls and hence the pair went back upto 61.9150 for closing.

Nifty analysis:-
Nifty opened at 8738, almost same as yesterday’s closing LTP of 8739. Nifty went high in the morning upto 8763.85; but failed to break a hard resistance which was set yesterday at 8765.10. I would like to call this resistance at 8765.10 as a concrete one.
Later due to heavy selling, Nifty went low upto 8695.50 and bounced back a bit upto 8716.05 for closing. Today also Nifty closed in red.

Technical Analysis of Nifty:-
Today morning, Williams %R indicator showed Nifty in oversold zone (-83.29) but a big buying pressure was not seen from Bulls.
This could be because strength of both bulls and bears were lesser than that of yesterday as per DI+ DI- indicator. Also the strength of bears is well below -25 which shows an absence of strong bearish trend. Hence the momentum was limited. I would like to classify today as ‘moderate sell’ day.
Hope the bearish trend will continue Monday morning..

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