Two corrective patterns forming, Elliot ABC wave and Evening Star..
A weekly close below 67.94 would pull USDINR towards 67.50 and If Elliot wave comes into play rupee could possibly see 66.80 levels.
Symmetric Triangle on EURUSD and it may break either side.
Trade for Long:
Buy above - 1.05490
Target 1 - 1.05780
Target 2 - 1.06070
Stop loss - 1.05105
Trade for Short:
Short below - 1.05100
Target 1 - 1.04870
Target 2 - 1.04505
Stop loss - 1.5490
Today the market is almost at the same point it was a year ago. So during the year the market at seen quite a bit of a roller coaster. This year the Indian indices have been strongly affected by the USD strength. This chart is a correlation between the two variables, the USD and INR. The chart on the top shows a strong negative correlation between the two...
Last Traded Price was 67.85- As per previous update, look for the zone 67.15-67.41 as key zone & 67.15 as critical level where Dollar rupee likely to bounce as that zone troubled for a good number of months acting as resistance zone & most likely to form support so they have changed their role from resistance to support- that is called polarity reversal.
Related...
The move Down from 68.85 Level in USDINR Looks Corrective,
till the time it does not break the bottom of the corrective channel decisively & impulsively.
It can be a very good place to go long with very little risk.
Probably one more push above the recent highs?
USDINR took a steep jump since bank notes ban and trading higher high, it is now trading on strong resistance and seem to go downward from this level, risky traders may enter short at CMP 68.50 and others may wait to break the inside bar or breakout downside.
The price action is been range bound in this pair for a while and now I'm looking forward for a big breakout in it. I would appreciate if anyone could share their opinion on it or post something related to it.
Regards
Here we have potential ABCD completion around 66.1's in USDINR but it will happen only after the support at 66.5's takenout. As of now I expect USDINR will move little up to 66.85's before starting its downward move. Incase the resistance is taken out, we need to decide based on what happens after that.
Hit Like button to keep me motivated to post more...
