Understanding the trend of USDINR with the application of Elliott wave, Channels and Bollinger Bands
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. Post witnesing sharp fall from 75.65- towards 74.60 levels, the pair is now making attempts to bounce off from the channel support and steadily move in upward direction.
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 hourly fut chart with Bollinger Band:
(Part of research taken from Forex report published today morning)
As shown on hourly chart, Prices are moving in well channelized manner as the pair is respecting channel’s support and resistance trendline in earlier instances. As per wave counts, the entire pair is moving in the form of Diametric pattern on higher degrees. Recently you can see wave (e) terminated near the support trendline post which prices bounce off and currently wave (f) is unfolding on upside.
Currency pair is moving higher towards its upper Bollinger band and important resistance near 75.20 posts bouncing off from the lower Bollinger band. Decisive break is required if we are able to see breakout and sustain above the upper Bollinger band resistance than buying movement may continue.
In nutshell, given the study of Elliott wave, Channels and bands altogether these are suggesting positive movement might be seen in further session.
The above research shows the power of catching important support and resistance level break of which provide bigger swings. To know what will be the next move of currency pair subscribes to our Forex report which also covers USDINR, EURINR, and JPYINR & GBPINR. Subscribe here
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