Understanding the medium term trend of Indian Rupee against US Dollar with application of Elliott wave, Channels and Moving average!
The first few months for Indian Rupee has turned out well in which prices have appreciated from 68.50 to the low of 63.90 level till now. Post the same from last few weeks USDINR has been moving in a range. The down move witnessed in the current year has broken all the important support levels along with moving average. This indicates that important top has been formed which means we can expect appreciation of INR against US Dollar over medium term. The fall witnessed from 68.50 to 63.90 was impulsive in nature which further indicates positivity for Indian Rupee over medium to long term. Elliott wave along with basic technical tools can help you to capture the short to medium term moves in Forex market. Look at the below short term chart of USDINR with applied Elliott wave.
USDINR 60 mins chart futures:
(Part of research taken from “The Forex Waves Short Term Update” dated 5th July 2017)
“In the previous trading session, USDINR witnessed a minor gap up opening near 65.09 levels post which it failed to build the momentum on upside and gave up all gain by closing near 64.9 levels.
As shown in 60 mins chart, post breaking the resistance line of the downward sloping black channel prices are moving higher. 50 periods EMA is acting as support to the price which further indicates that trend is positive. As per wave perspective, currently minute wave c of minor wave b is in course which is counter trending move and hence one should trade this move with strict stop loss. Looking at the entire structure we do not expect much potential on upside and hence price action of next one week is going to be crucial. On upside important level to watch for……”
USDINR has been moving in lines with Elliott wave pattern. To capture the next trend Get access to your copy of “The Forex Waves Short Term Update” which covers USDINR, EURINR, GBPINR and JPYINR.
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