DX (Dollar Index) – Can it spill out the beans for India Nifty
DX (Dollar Index) – Can it spill out the beans for India Nifty.
(This technical story connects you to GBPUSD-cable, USDINR & India Nifty).
Since 2011 March, DX has travelled in an impulsive manner till March 2015 & since March 2015—it has been travelling into consolidation mode & appears to be shaping out a triangle pattern who’s C-leg is done.
So, any movement above 95.50- could show us the way that D-leg has started & shall travel atleast 98—98.50 where it shall complete 61.8% of the B-leg.
Now, if you flip this triangle –you will realise that we have similar pattern in GBPUSD (Cable) –both are shaping out triangles where GBPUSD is about start d-leg in downside direction which will be confirmed once pair moves below 1.42979
DX & USDINR Connection-
As DX is shaping out a triangle & getting support of rising trendline & about to start d-leg of the triangle atleast for targets 98—98.50 …similarly USDINR is taking support of rising trendline & we could see another upside leg if 65.95 is intact on closing basis & should not fall below rising channel in that case we can look out for 68-68.50’s zone as target.
DX & India Nifty Connection- Why One should be cautious at current levels:
India Nifty has travelled quiet impulsively since 6825 to 7980- technically 7980 has been the resistance in early Jan 2016 & Nifty broke 1000 points—same resistance was seen in Dec 2015 as well & what a coincidence –we touched 7980 just recently in 18—22nd April 2016 week as well- giving us triple top formation which suggest that we should avoid taking long positions & should wait for clear signals. Clear bullish direction will arise when Nifty closes above 7980 & most important mark 8000 (7515 is key support level)
It looks like we are done with 5 waves upside since 6825 but yes we still don’t have any confirmation of going shorts and In coming days we should be careful & keep a watch on Dollar Index- which is looking bullish
Now, If Dollar Index starts moving above 95.50---probably it can cause pain to Indian equities & spill out the beans for the same.
Regards,
Abhishek H.Singh,CMT
(This technical story connects you to GBPUSD-cable, USDINR & India Nifty).
Since 2011 March, DX has travelled in an impulsive manner till March 2015 & since March 2015—it has been travelling into consolidation mode & appears to be shaping out a triangle pattern who’s C-leg is done.
So, any movement above 95.50- could show us the way that D-leg has started & shall travel atleast 98—98.50 where it shall complete 61.8% of the B-leg.
Now, if you flip this triangle –you will realise that we have similar pattern in GBPUSD (Cable) –both are shaping out triangles where GBPUSD is about start d-leg in downside direction which will be confirmed once pair moves below 1.42979
DX & USDINR Connection-
As DX is shaping out a triangle & getting support of rising trendline & about to start d-leg of the triangle atleast for targets 98—98.50 …similarly USDINR is taking support of rising trendline & we could see another upside leg if 65.95 is intact on closing basis & should not fall below rising channel in that case we can look out for 68-68.50’s zone as target.
DX & India Nifty Connection- Why One should be cautious at current levels:
India Nifty has travelled quiet impulsively since 6825 to 7980- technically 7980 has been the resistance in early Jan 2016 & Nifty broke 1000 points—same resistance was seen in Dec 2015 as well & what a coincidence –we touched 7980 just recently in 18—22nd April 2016 week as well- giving us triple top formation which suggest that we should avoid taking long positions & should wait for clear signals. Clear bullish direction will arise when Nifty closes above 7980 & most important mark 8000 (7515 is key support level)
It looks like we are done with 5 waves upside since 6825 but yes we still don’t have any confirmation of going shorts and In coming days we should be careful & keep a watch on Dollar Index- which is looking bullish
Now, If Dollar Index starts moving above 95.50---probably it can cause pain to Indian equities & spill out the beans for the same.
Regards,
Abhishek H.Singh,CMT
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.