Nifty50 has been rallying for a while now and has entered overbought territory. Its reversal is not far.
There is an inverse correlation between USDINR pair and Nifty50.
now you can see from the charts below the USDINR pair is making a falling wedge which breaks to the upside and Nifty50 has been moving up in Rising Wedge which breaks to the downside. So, this could be a good trade opportunity for Nifty50 and a swing short trade.
Also, Fundamentally DXY is making a long-term bottom and will rise in coming weeks, months which will cause further strength in the USDINR pair and fall in Nifty50.
To Read my analysis on DXY go to the link below the post.
If you like my content then please boost and share this post. I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned. If you would like to learn from my experience then follow me on trading view to get notified on my trade, market projections and several upcoming technical analysis and in-depth tutorials on technical Indicators. You can also leave a comment and let me know if you want me to look at any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
There is an inverse correlation between USDINR pair and Nifty50.
now you can see from the charts below the USDINR pair is making a falling wedge which breaks to the upside and Nifty50 has been moving up in Rising Wedge which breaks to the downside. So, this could be a good trade opportunity for Nifty50 and a swing short trade.
Also, Fundamentally DXY is making a long-term bottom and will rise in coming weeks, months which will cause further strength in the USDINR pair and fall in Nifty50.
To Read my analysis on DXY go to the link below the post.
If you like my content then please boost and share this post. I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned. If you would like to learn from my experience then follow me on trading view to get notified on my trade, market projections and several upcoming technical analysis and in-depth tutorials on technical Indicators. You can also leave a comment and let me know if you want me to look at any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
