The first leg of irregular correction has started to appear from 77.01. Now a trading opportunity is visible on price charts which can drag prices lower to:
i) 74 being 100% extension of wave A in an ideal case
ii) 73.22 being 138.2% extension of wave A in most cases
iii ) 72.70 being 161.8% extension of wave A on rare occasion
A break below 75.40 would provide...
NEW ALL TIME HIGH MUST BE INCOMING IN USD INR ...THAT MEANS BAD ...WORSE FOR INDIAN ECONOMY ..I ASSUME TILL END 2019 WE CAN SEE NEW ALL TIME HIGH IN USD INR .
THAT MEANS I WILL HEDGE MY ASSET VALUED IN INDIAN RUPPEE ..INTO DOLLAR OR WILL LONG THE USD INR PAIR .
USDINR seems to be forming irregular flat and is expected to take prices above 70.50 in wave C. Further confirmation for the move can be seen when prices starts moving above 69. The supports of 68.20 are expected to be held in this up move.
USDINR is riding slowing on a bull trend with an strong support at ₹69.13, 69.001 and 68.47
Whenever it touches any of the support don't panic and wait for it to give a closing price of the day. If it below then it is still in bear trend.
Otherwise, taking the (SL) of ₹69.06 with the target of 69.70 and 70.20 in coming days.