USDINR (CMP: 66.55) On the Elliott wave perspective major a-b-c three wave structure is in
progress which is marked as wave a-b-c.
Now we are in wave iii of wave C and it could move towards 70, which is
200% extension level of wave i & wave ii (marked as blue color). But Short
term we can expect minor correction towards 63.5 – 62 levels, which is 38.2% -
50% retracement level taken from the low of 53.6 to the high of 68.8 levels and
use that dips to as a buying opportunities for the target of 70. On sustained
above 70, then the pair will rise further towards 72 – 73 levels. On the
monthly chart RSI has given a triangle breakout and placed in positive zone
which shows bulls ride.
Recommendation: Investors can wait for a dips to buy
at 63.5 – 62 levels for a target of 70 with a support level of 58 (closing
basis).
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