USDINR: Elliott Wave forecast

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USDINR daily continuous contract


USDINR is moving higher in a higher highs and higher lows and is all set to cross its previous high of 77 levels. The trend is firmly positive and it is unlikely for prices now to go below 75 levels. So the recent structure where prices are moving happens to be in a falling channel.

It recently bounced from the lower end of the channel and it is moving higher, the immediate resistance will b at 75.9 and support will be placed at 75. Daily RSI has turned from oversold terrain.

Wave theory suggest, prices is moving in wave iv and as far as it is in the falling channel wave iv will continue to persist. Any move above wave iv or the channel resistance will open wave v higher.

The summation is prices are all set to move higher from current levels near till 75.9 and the crucial support will be at 75 levels

 

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