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.
After breaching the all time high on AUG 14,
Analysts would be looking at USD/INR's market action in the coming weeks,
If the move sustains, the new 'normal' would be between 71-75 for USD/INR as per monthly charts.
Technical Strategy: Bearish
Elliottwave Count: Either wave (C) continuation or B wave of (B).
Larger outlook on weekly chart is showing weakness on long and short term. EURO vs Indian Rupee price is testing weekly trend line. Last time this line was tested on September, 2015 and post that we seen nice pullback towards 77.80 levels. We...