for educational purpose usdinr is showing symptoms of double top where 66.6-66.21 is the support where a little bounce may happen but this support may be broken then 63.65-63.32 will be next support. Or a big downtrend may be seen.
Balance B/O , SL 66.20 (if it enters upper balance), target 1 isPOC of lower balance which is around 65.25 and target 2 is lower bracket of balance around 64.3
In the last update@28th Dec2016- When it was trading at 68.10- expected retracement to 67.00-67.05 which will be 61.8% of the latest explosive rally from 66.26 to 69.05 -shall get support on the trendline connecting 58.26 lows in May2014 passing through 66.26.
If that gets broken, then finally 66.26 should act as support
Good News for Rupee Bulls they can become...
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.
Channel break downside in dollar rupee could be the capsule, which can push weak Nifty & Bank Nifty to its much awaited targets.
67.05-67.30 is the zone, which dollar rupee could attempt & extending below 67 can take the support of trendline as mentioned in the 2016 diary update below.
Nifty going beyond 8230 can attempt for 8380-8400 target zone as expected &...
S-L- First Selling & Later, Buying
Are you ready for most lethal attack on rupee postJan2017. Prices are talking that way. In previous updates I kept on saying 65.95 & 66.20 if intact downside- rupee is going to create panic in the camp- look what happened -an explosive move upside forming a low@66.26 well above 66.20-key level & 65.95-critical level.
The up...
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...
As expected, that Dollar Rupee likely to move into the zone. Had a decent fall in the dollar compared to rupee in the last session from 67.99 to 67.50
Waiting for this zone 67.15-67.41 to hold the dollar fall & let us come back again.
Previous Analysis- Click the chart & Load the bars
Dollar Bulls could return back in the polarity reversal zone of 67.15-67.41 which was an earlier resistance zone- if that zone holds & gives an impression of bouncing - likely it travels beyond recent high 69.05.
This zone of 67.41-67.15 had multiple resistances & troubled USDINR to move up in the last few months as it has been taken out convincingly that zone...
USD-INR Currency pair is headed to 68.8 Break and Close above 68.9 Will take to 70.2
We have seen already a triangle pattern breakout if it is not proven false breakout we have some resistance around 68.8 zone, Once we close above the zone it will move upto 70.2
Click on the chart
USDINR@22nd May2016- Impatient About Acche Din
I chose this headline for my report on 22nd May2016 because every Indian since they voted BJP to power in 2014- had high expectations from the running government & everyone was desperate to see better results, but why we forget the devastated state of the economy which was to be restored to...
It is another variation to the Gartley and Bat pattern and it is recommended to read them before reading it. (Attested below Gartley and Bat Pattern)
The main rules of the Bullish and Bearish Butterfly patterns are as follows:
Butterfly Rules:
AB can retrace up to 78.6% of the XA leg
BC can retrace between 38.2% – 88.6% of AB
CD can be an extension of 1.618% –...
Though the U.S elections caused a huge momentum and fear among traders it soon recovered from the event. Now it formed a pin bar(almost) on friday and it clearly shows the Indian market is trying to recover as soon a possible. Let's see how it goes.
Last Price@67.42
As expected & suggested that we will get an important clue for Index Nifty if Dollar Rupee Starts moving above 67.15.
In an unexpected move from Income Tax Department, which has carried out raids across various cities in India could likely shock the market, but I was clear that if 66.20 is on hold which shall decide market moves next. Here we...
It's a complex correction W-X-Y (Where Y is taking the form of a triangle) in Dollar Rupee- likely giving us 2 clues -which I have my eyes set on.
Either it breaks 66.20- Key level & 65.95 critical levels on a daily closing basis, then I will really think that Indian Markets are bullish.
Else
If dollar rupee breaks on the upside, above 67.15 -then likely...
