USDINR to test 55.30 level...

-


USDINR:

USDINR in daily charts has closed near the high of the previous day around 55. For further positive confirmation USDINR need to close above 55.13 for further upmove.

Currently it is moving in a sideways direction within a stiff range of 55-54.20. A close above 55.13 will breach the resistance of 50% of the retracement of the previous upmove (57-54.20) which will push prices to 55.30 levels which is 61.8% of the retracement.

The scenario is different as compared to previous month in this pair as wave counts are very tricky and we have to rely on basic technical tools and support levels.

In short, our bias for USDINR is still positive as far as 54.20 is intact. Expect this currency pair to move upto 55.30 in coming trading sesions.

GBPINR
GBPINR has rallied in a positive direction and broke the range of 88.50-87 on the upside. Now as far 88.70 is intact expect an upside for this pair. 

GBPINR is hovering near the previous top of 89.65. Currently prices are moving in a stiff range of 89.50-89 as it moving in sync with USDINR. Any break above 89.50 can lead prices to cross 89.65.

In short, GBPINR is positively biased as far as 88.70 is intact . Expect an upmove till 89.65-89.80 levels over short term in this currency pair.


EURINR:

EURINR was an outperformer as compared to other INR pairs over short term. The currency pair has crossed 72.70 and can move further up from current level.

As EURINR has crossed 72.70 on closing basis, expect more buying pressure in this pair. Since it has retraced more than 100% , expect it to move till 127% in cominng sessions which is places at 73.20 levels.

As far as 72 is intact fresh longs can be initated.Any move below 72 will change the sentiments and shorts will not be ruled out. 

In short, our bias continues to be positive for EURINR as it can test and can test 73.20 in coming trading sessions.

JPYINR:


JPYINR is moving lower by forming lower high & lower low, which is a negative sign for this currency pair.
On 19th December 2012 prices made a low of 64.75 and bounced back from the previous low of 64.80. Currently prices are hovering near the resistance of the upper trend line of falling channel and can move down lower if 65.20 is breached again 65.50 is acting as a good resistance. JPYINR can test 65-64.90 in coming trading sessions.

In short, as far as JPYINR is moving in a downward sloping channel our bias for JPYINR is negative as it can test 65-64.90 levels. However we are cautious if 65.50 is taken out on upside.

By - Megh Mody
Email- meghmody@yahoo.com
mobile no.-=919167764085

Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more