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