USDINR (CMP: 62.23) : The above monthly chart shows Elliott wave
counts of USDINR. On the Elliott Wave perspective major a-b-c three wave
structure is progressing (marked as blue color). Now we are in wave v of wave iii of wave iii of wave c and it
could move towards 70 – 71 levels, which is upper channel line resistance level.
Now we are expecting the new intermediate impulsive leg
(5-3-5-3-5) which will test towards 70 levels which is 200% extension level of
wave I and wave II (marked as blue color).
On the Monthly chart, RSI has placed at positive zone which
shows strength.
Unless violation of 58, the pair is heading towards 70 – 71
levels for medium term perspective.
The above daily chart shows the pair has fallen sharply and has
tested the rising trend line support level and now bounced back with reversal
candle which indicates bullishness could continue. It has also taken a support
at 38.2% retracement level which acts as a crucial support for short term i.e. 61.
Now the pair is heading towards 67 – 68 levels which is median line channel
level.
On the daily chart, RSI has kissed the lower channel line
level & now it’s bouncing back and moving towards upper channel line level
which suggests strength.
Recommendation: Overall, USDINR is
heading towards 70 – 71 levels with the support level of 58.
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