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Tuesday, 20 May 2014

USDINR: 20 May 2014, Tuesday, 12.25 am Singapore Time

USDINR: 20 May 2014, Tuesday, 12.25 am Singapore Time

Attached above is the chart of USDINR. All detailed explanations are illustrated in the chart itself. Shall not attempt to repeat them here.

Narendra Modi's win is always to be viewed as a positive (managing his state well, cleaning up corruption, new energies, rejuvenation, injecting new initiatives etc).

Forex markets were already pricing ahead that Narendra Modi would win the PM Election to become the new Prime Minister of India (refer to the 3 black circles above).

This means that USDINR 57.512-57.975 has a near 100% probability of getting hit.
Relate this to how NIFTY will move from here:

However, USDINR has high possibility to execute big reversal back up at DOUBLE BLUE SUPPORT @ 57.512 - 57.975 or at 54.000 final support. This is because there is a high possibility that India, under new leadership, may reverse the current hawkish interest rate measures to one that is dovish.

Donovan Norfolk Ang Technical Rating:

First target:
57.512 - 57.975
 (probability of hitting = 99%)

Second  target :
(probability of hitting = 50%)

NIFTY Index Analysis:

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