In today morning the major headline read – INR hits record lows against USD on back of FII outflow, trade war fears and rising Crude prices. It is interesting that majority is now coming to the acceptance of the deteriorating macro-economic factors but the move has already happened!
Also in an article published on website on 20th June we very clearly mentioned the following –
We have been to the point in terms of levels for USDINR. We have observed high correlation between USDINR and Equity markets during major turning juncture. The same is plausible even now when USDINR will break above 68.90 and equity markets will eventually start seeing a strong negative reversal. It is time to be alert and not complacent. If you want to know next big level for the currency get access to the monthly research report now!
Also there will be various news revolving around the currency pair after the move has happened. But seriously how does it help! So acting based on chart patterns is the key to make a killing in markets and you will not get such high conviction trade setup very often.
USDINR has moved precisely as expected and showed a strong rise post the below research was published. Prices moved from 67 levels to high above 69 in just over a month after we published the report. This simply shows power of Elliott wave and how it has helped us to capture the sharp depreciation seen in INR against US Dollar.
USDINR Weekly chart spot (published in May 2018 monthly update)
Following is the part of research from “The Financial Waves monthly update” May issue:
In earlier monthly update of USDINR we mentioned that, “USDINR looks to be losing momentum on downside. Any break of 64.60 followed by 65.20 will suggest that retracement towards 66.30 level has started where 50% of the prior down move is placed.” USDINR has moved in similar manner and managed to break its multi-month resistance of 65.55 levels making 52 weeks high near 67 levels.
Elliott wave perspective: As shown in weekly chart, USDINR is going through Diametric pattern which consists of 7 waves and each wave is corrective in nature. Wave E has completed on upside near 69.13 levels and next leg in form of wave F completed in the form C faiure Flat pattern. The post pattern implication as per this structure is strong breakout on upside. So wave G should be fast and strong. This will eventually result into pressure on Equity prices and will also help Gold to move towards our target levels. However, we will require positive confirmation above ……. for wave G to start.
The upside target level for primary wave G is near ………. as wave G tends to be equal to wave A near those levels.
As shown in daily chart, (shown in actual research report)……….
In short, USDINR trend looks to be positive and a move towards 68.90 levels can be expected with support placed at 65 levels. Further break above 68.90 levels has the potential of taking the prices towards …….level and we will see everyone talking about INR as soon as prices move above 68.90 levels. So, it is time to focus on USDINR and Gold as an asset for investments whereas Equity might slowly loose its shine in 2018! BANG ON!
Get access to “The Financial Waves monthly update” and see yourself where is Nifty, Bank Nifty, currency headed from here. For short term updates you can subscribe to daily Equity and Forex research report. Act now – here is the link
Forecast such big moves by equipping yourself with necessary tools for consistently making profits across Equity, Commodity, Currency markets. This is the power of Elliott wave, Neo wave combined with Time cycles. You can now learn these techniques by yourself in the upcoming trading workshop on 21st and 22nd July 2018. Limited seats – Know more