AbhishekHSinghCMT

USDINR- Are you ready for 71.50 post Jan2017 Against 66.26

FX_IDC:USDINR   U.S. Dollar / Indian Rupee
6
S-L- First Selling & Later, Buying

Are you ready for most lethal attack on rupee postJan2017. Prices are talking that way. In previous updates I kept on saying 65.95 & 66.20 if intact downside- rupee is going to create panic in the camp- look what happened -an explosive move upside forming a low@66.26 well above 66.20-key level & 65.95-critical level.

The up move from 66.26 to 69.05 looks impulsive, which I was keen to see since May2016 & infact got the start as well.

What Next?
Against 66.26 -very important low -should not be broken downside else the discussed scenario gets invalidated.

From close to current rate@68.06 -likely going below 67.70 it travels 67.00-67.05 where it retraces 61.8% of the move from 66.26 to 69.05 & the 80 % retracement comes to 66.75-66.80 which could be a possible target zone in Jan2017

Going forward against 66.26 lows Dollar Rupee will give us an explosive move -possibly 71-72 zone, which 161.8% of the leg 66.26 to 69.05

How it will impact Nifty?
Nifty is in complex wave-2- currently sooner or later starts "y-wave" in wave-2 & within "wave-y"-almost should be ending "wave-b" & "starting wave-c"



Previous Analysis for Dollar Rupee in May-June 2016--Click the charts & load the bar

All related analysis attached below for USDINR along with key analysis for Nifty & Bank Nifty- Click the charts & use load bar feature

Trade active: 15:01 Hrs 30th Dec2016

Last Price@67.88

Started dropping as expected


Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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