Compressing above the short-term EMAs.
The downwaves have shortened and the up waves have made relatively equal highs.
Potential selling absorption is on the horizon, possibly within the next few months.
Disclaimer: This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Rupee is gearing up for move if dollar index starts closing below 99 then rupee will move towards 80 & 78. If dollar index move towards 104 then rupee can give more above 83 towards 85 & 87 then Bank Nifty also take back seat & IT sector move. Trade with stoploss & happy trading.
Here we had shared possible Elliott wave counts on chart of USDINR, which is clearly showing that on bigger scale we are in 5th wave of some higher degree, in which we had finished wave (1)-(2)-(3) and currently we are in either in wave (4) or in wave 2 of wave (5).
Also both scenarios are discussed in this video post, you can go through this video...
From Price Action, data etc its very clear 82.50 is acting as support and 82.75 and 83 as Resistance for rest of march 2023 month......
I think before march expiry 83 will be tested at least once !!!!!!
Two week of the balance zone is disturbed and the balance zone is broken. USDINR unable to onboard new buyers in this zone. Triple top formed and trend reversal confirmed. In the short term it may test 81.60 to 81.80 levels to attract buyers. If it fails to attract, the next key level is 80.80.
I am sharing my view on USD INR Movement as of now and predicted the two possible moves on the chart. The chart is moving in a range since 14 Feb 2023 and shrinking all the way to form an ascending triangle. I have tried to wind up its movement as shown in the chart. As USDINR has already tested the resistance level 1, 5 times, and thus the probability of...
1st BUY 82.02 (30% of your capital)
2nd BUY 81.73 (30% of your capital)
3rd BUY 81.43 (30% of your capital)
A margin call of 10% must be maintained.
Note: Only buying (long FUT or Monthly CALL) is recommended here; no shorting or bearish trend is recommended; almost all events are happened so strong naturals (above > 82.39); do not buy weekly CALL options and...
Please keep in mind that this is only for futures and positional traders.
You can buy USDINR in 3 different buy zones, as mentioned (Buy zone 1, Buy zone 2, Buy zone 3).
There is NO-STOPLOSS; simply purchase as much as you can. Don't panic if it reaches Zone 3; instead, buy as much as possible.
It is important to note that this view is for the next three months...
FX_IDC:USDINR seems to be forming Truncated 5th Wave.
Lot of selling pressure at 83 with RSI negative divergence suggesting momentum Fading.
Unless 83 is Taken out on closing basis. It could turn out to be Wave 5 Truncation as per Elliottwave Theory.
USDINR possible and aligned Elliott wave structure of multi time frames from monthly to hourly.
4 Hourly chart
1 Hourly chart
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Supports: 82.60, 81.90
Outlook: Rangebound between 82.50 to 83.25. Safer people can take the lower range as 82.
The overall trend is positive with a rising wedge (ascending triangle) pattern.
USD-INR after such a steep rise looks like it is in the 5th wave of bigger degree .
Within this bigger 5th wave, which should ideally be the last wave of a Major Rise, normally consists of 5 sub waves in smaller degree .
Now, Market is looking in 3rd wave of sub degree of bigger 5th wave that I was talking about in the previous two lines.
Can this happen with USDINR? time will tell, pattern suggest, chart patterns suggest 49 and then 39 as targets in years to come.
Use discretion! not a trading recommendation
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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.