FX_IDC:USDINR   U.S. Dollar / Indian Rupee
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USDINR stopped making new lows after the 1st of September. The October rally and the November rally have resulted in higher bottoms in the USDINR resulting in a long inter-market divergence between the Nifty and the currency pair. Now that the dollar index itself has not broken it September low, if it bounces back below is the alternate wave count for the USDINR that can kick in. In the last few days, it has taken support on the 40-day EMA . If the low of 73.9950 holds then we may start minor wave 3 of C up. Wave C can go to the 61.8% retracement mark near 75.42 or the top end of the rising channel near 75.70 in a larger X wave before it is complete.