USDINR has been moving in impulse fashion from the lows of 64 levels. Since start of the 2018 currency pairs has been sending signals that weakness can be witnessed in Domestic market and from past few month we have been witnessing the same in not just domestic market but around the global world.
Now this currency pair looks to be at crucial juncture. Below is the hourly chart of USDINR showing detail analysis using Channels, Elliott wave technique.
USDINR (Fut) 60 mins chart: (Published as on 26th October, 2018)
Elliott Wave Analysis:
We are showing hourly chart of USDINR, wave (v) has completed on upside indicting a major top is in place for now. Prices have broken its (ii)-(iv) trend line which provides very important support and break of this trend line indicates change in existing trend. Currently prices are moving downward in correction pattern it is too early to identify which correction pattern is ongoing. Wave b is completed near 73.87 levels and wave c is ongoing. USDINR is currently quoting at its crucial area near channel resistance from where prices have reversed strongly on downside. So as per Elliott Wave’s perspective and channeling technique we can expect prices to fall near …………. levels keeping an important resistance near ………… levels.
In short, bias for USDINR is negative. We can further expect prices to reverse on downside near ………………………
To know what will be the next move and is the depreciation of INR against USD, JPY, EUR and JPY; get access to our forex report published under “The Forex Waves Short Term Update.” Check here.