Forex trading – day trading strategy for USDINR – March 27: Generatebucks

Since past two month currency has been quite volatile. This year has been great for Indian Rupee. From worst performing currency it become to best performing currency

Last year Indian Rupee was seen trading around 76 and this year we saw Indian rupee appreciating to 68.50 levels

Tuesday Indian Rupee depreciated around 0.15% unlike dollar index which was seen trading around 96.39.

Forex day trading strategy - Generatebucks
Forex day trading strategy - Generatebucks

Data released

Major movement of Rupee is defined by foreign investment, import and exports numbers. Foreign investors have bought $6.32 billion in equity and $455 million in debt market. India’s trade deficit narrowed to a 17-month low of $9.6 billion in February. Exports rose 2.44% to $26.67 billion in February from a year earlier, while imports were down 5.41% to $36.26 billion.

Looking at these numbers and global trends we can expect rupee to trade in a range. Looking at two major economies trying to beat recession, it is expected that trade war will sort out. This would impact rupee in positive way.

Trading tip

Rupee is expected to trade in range with support at 68.90 levels and resistance at 69.70

Considering the April contract on MCX, if you are looking to invest, you can enter the market both sides and follow stop loss based on the trade.

I expect Indian rupee to depreciate this week and we could see levels of 69.90. Buy USD INR April contract at 69.30 for target of 69.50

Positional traders could buy USD INR at dips for target of 69.40 in upcoming session. Stop loss of 68.90

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