USDINR: To halt its rally?

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Daily Chart

From the above daily chart, USDINR seems to have halted its current rally which can possibly lead to profit booking dragging prices lower. As of now it is trading below short term moving average of 20 EMA (Red).

From Wave perspective, prices are moving down in a double correction (a-b-c-x-a-b-c). Currently it is trading near the resistance of the small channel where wave x will be completed and wave a will start followed by wave b up and eventually wave c down.

In short, prices will tumble in near term close to 66.7 over short term. However, any move above 67.6 will negate the downside target, so it will now act as a crucial resistance level.

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