Understanding the trend of USDINR with the application of Elliott wave, Channels and Moving averages!
At times it is amazing to see that Indian Rupee – USDINR is moving in lines with our expectation and it has been following the Elliott wave theory very well. In the first week of September 2017 we mentioned that momentum on downside is not building and upside reversal were imminent. Post the same prices showed bounced back from 63.70 to 66.10 level which has confirmed that medium term upside retracement of prior down move has started. Now what to expect next and how to trade this currency pair? Below is the part of research taken from “The Forex Waves Short Term Update” which was published in today morning.
USDINR daily chart spot:
(Part of research taken from Forex report)
“In the last trading session USDINR moved in sideways to negative action and closed below the previous day close. Prices are not showing sharp move on either side and hence one should wait for breakout before taking any positions.
Prices are moving in sideways to negative action. As of now it is trading near the resistance of the channel and hence any move below 65.29 (fut) will indicate correction on downside. On the other side any move above 65.60 (fut) will suggest that upside trend has resumed in this currency pair. As per wave perspective, prices have completed first leg in the form of wave a at the high of 66.13 (fut) and post the same wave b is ongoing.
In short, USDINR is in range of 65.60 and 65.30 (fut). Trade above or below ……”
To trade Forex market with Elliott wave theory and important levels, get access to “The Forex Waves Short Term Update” which covers USDINR, EURINR, GBPINR and JPYINR.