USDINR to test 66.50?

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In last six sessions USDINR has dropped from 68.80 to 67.07 levels thus shedding 2.51%. However, the channelized move continue to suggest that the trend is positive, but it is clearly stating that the channel support will be tested and can possibly break going ahead.

Last week the retracement from the top was faster, thus engulfing previous four week bars on weekly charts, indicating that the trend has changed from positive to negative for this pair. The next support will be at 66.50 levels. Any move below the support of the channel will open further negative possibilities and can start stealth bear trend.

From wave perspective, prices from the bottom of 2014 till the top of 2016 moved in a complex correction pattern. The recent three legs before the steep fall completed wave... of wave ... of wave... Now the next leg on downside has started.

In short, after breaching 67.50 levels, prices now can test the level of 66.50 going ahead. Any move below .... will make this pair start a new trend.

USDINR Daily Chart 1st month contract




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