#USDINR FX_IDC:USDINR . Move prediction for next 1 year. Very interesting double Wolfe waves formed and indicating a possible downside movement. Couple of strong supply zones ahead matching with the Fibonacci ratios.
FX_IDC:USDINR Strong bearish WWs on USD INRs. Expecting the USDINR to top-out around 81. Incase that beats, then the next supply zone is near and strong at 83 levels. I expect a dual effect to creep in, i.e., weakness in USDs and INR strength. I am expecting the top to be made for next couple of decades, until 83 holds strong.
USD INR is seen to have completed its 5th wave of a smaller degree of bigger wave 3rd.
It should come lower and this can boost Nifty a bit at the least.
This is based on Elliott Wave Theory.
USDINR does not seem to come down with global inflation and Russia Ukraine war going on. With Fed Chair Powel testimony on 22-06-2022, he has clearly said that recession should not be provoked. It means that though inflation in US is on higher side Fed is highly unlikely to increase interest rate by 100 bps. According to a poll by Reuters experts see a similar...
PPI data which is one more indicator of inflation has been in line with forecast of 0.8%. For the month of April PPI was at 0.5% and for the month of May it stands at 0.8%. In spot 77.70 to 77.80 is strong support zone . Though USDINR has pulled back little bit from its all time high. With federal fund rate to be announced tomorrow that is on 15-06-2022 it can be...
Indian Rupee at all-time low which can mean:
1. RBI will intervene next week to make the bull run slow
2. Evening star at 4 hours look promising. One should watch the next 4 hourly candle.
3. The previous high, 77.88 can be a resistance for the next consolidation. The consolidation is possible as the Dollar is at all-time high and RBI might intervene.
USDINR had broken out a Triangle in the middle of Sep 21 . The subsequent move has been overlapping waves but counts well as an ending diagonal. This is a terminal move and has breached the Mar 20 high ending the larger degree pattern as well. Divergence is also developing at this high v/s previous highs. The move from 72 levels seems done and a reversal is on the...
USDINR has reached it's upper range where it has faced
resistance several times as visible on charts.
Avoid fresh longs here and an aggressive could also take a short
position here with very small stop loss.
RSI is also facing resistance near 72 which is again negative sign.
Although, USDINR could make some fall but, that is always good
for the market and...