Understanding the trend of USDINR with the application of Elliott wave, Fibonacci and moving average!
Since the month of September 2017 Indian Rupee is in trending mode in which we saw sharp rise from 63.90 (fut) to 66.13 (fut) level. This rise was impulsive in nature which indicates that medium term deeper correction of the prior down move has started. The ongoing down move is only the correction of the earlier rise and one should look for buying opportunity in this currency pair. Look at the below chart of USDINR which is taken from “The Forex Waves Short Term Update”.
USDINR (Fut) 60 mins chart:
(Part of research from Forex Report)
“In the trading session USDINR entered into green territory and closed on a positive note. It seems that downtrend might be in matured stages.
As shown in 60 mins chart, prices made a low near 64.93 (fut) levels in the form of minor wave (c). Post that it seems that next leg on upside has started. For this to confirm we require move above 65.20 (fut) levels which will indicate atleast trend towards 65.50 (fut) has started. For now 64.90 (fut) level is an important support.
In short, USDINR has arrived at crucial juncture. Move above …..”
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