USDINR failed to cross its previous high
USDINR
USDINR is moving sideways direction for almost a week within a range of 55.60-54.20. It is very essential for this pair to give a break on either side of the extremes to give a clear direction.
Prices failed to cross its previous high and faced the resistance of 61.8% retracement of previous down move (56.50-54.20). The currency pair opened at 55.38 made a high of 55.48 and closed below the open price, thus eradicating all gains.
As per wave perspective, prices a forming a simple correction (a-b-c) as price completed wave A at 54.20 and is moving lower, a break below 55 will confirm that wave B is ongoing.
In short, our bias is negative USDINR as it will come down to test its lower extreme of the range placed at 54.50.
EURINR
EURINR bounced back form the lower trend line of the rising channel. The overall structure is positive as the currency pair is forming higher high and higher low.
EURINR took a support at 61.8% retracement and managed to move above 72.30 which was an important level. As per wave perspective, prices completed wave iv at 71.50 and currently moving higher in the form of wave v. Prices are forming Ending Diagonal pattern
In short, as far as 71.50 is protected on down side our bias is positive for EURINR as it can test 73-73.10 levels in coming trading sessions.
GBPINR
GBPINR is consolidating within a range of 89.50-88.40. Even after making a top of 89.50 prices failed to cross its previous high and thus wiped out all gains.
GBPINR tested its upper extreme of the range and it is likely that it will come to to test its lower extreme of the range which is 88.40. RSI has also faced resistance at 70 levels which can be seen in hourly chart.
Wave counts are tricky and we shall rely on basic technical tools and support levels till confirmation is obtained.
In short, GBPINR awaits to get a clear direction as it is moving in a range.
JPYINR
JPYINR is moving lower by forming lower high and lower low from past 2 months which is a negative sign for this pair.
Prices are moving in downward sloping channel. Today prices managed to break it channel but in the late hours of trade prices re-entered the falling channel.
As per wave perspective prices are moving in double zigzag pattern (a-b-c-x-a-b-c). Currently prices are moving lower in wave c
In short, as far as down ward sloping channel is intact our bias continue to be negative as it can test 62.50-62.40 levels.
USDINR is moving sideways direction for almost a week within a range of 55.60-54.20. It is very essential for this pair to give a break on either side of the extremes to give a clear direction.
Prices failed to cross its previous high and faced the resistance of 61.8% retracement of previous down move (56.50-54.20). The currency pair opened at 55.38 made a high of 55.48 and closed below the open price, thus eradicating all gains.
As per wave perspective, prices a forming a simple correction (a-b-c) as price completed wave A at 54.20 and is moving lower, a break below 55 will confirm that wave B is ongoing.
In short, our bias is negative USDINR as it will come down to test its lower extreme of the range placed at 54.50.
EURINR
EURINR bounced back form the lower trend line of the rising channel. The overall structure is positive as the currency pair is forming higher high and higher low.
EURINR took a support at 61.8% retracement and managed to move above 72.30 which was an important level. As per wave perspective, prices completed wave iv at 71.50 and currently moving higher in the form of wave v. Prices are forming Ending Diagonal pattern
In short, as far as 71.50 is protected on down side our bias is positive for EURINR as it can test 73-73.10 levels in coming trading sessions.
GBPINR
GBPINR is consolidating within a range of 89.50-88.40. Even after making a top of 89.50 prices failed to cross its previous high and thus wiped out all gains.
GBPINR tested its upper extreme of the range and it is likely that it will come to to test its lower extreme of the range which is 88.40. RSI has also faced resistance at 70 levels which can be seen in hourly chart.
Wave counts are tricky and we shall rely on basic technical tools and support levels till confirmation is obtained.
In short, GBPINR awaits to get a clear direction as it is moving in a range.
JPYINR
JPYINR is moving lower by forming lower high and lower low from past 2 months which is a negative sign for this pair.
Prices are moving in downward sloping channel. Today prices managed to break it channel but in the late hours of trade prices re-entered the falling channel.
As per wave perspective prices are moving in double zigzag pattern (a-b-c-x-a-b-c). Currently prices are moving lower in wave c
In short, as far as down ward sloping channel is intact our bias continue to be negative as it can test 62.50-62.40 levels.
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