GBPINR ElliottWave Analysis

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GBPINR daily continuous fut chart
GBPINR houlry continuous fut chart

As per daily chart, GBPINR is moving in a higher highs and higher lows, its previous high is crossed which opens positive possibilities. Daily RSI has relieved from overbought zone and is all poised to move higher from current levels.

From hourly chart, prices are moving precisely in a rising channel and recently it has bounced from the lower end of the channel which is a positive sign. Also hourly RSI is above 50 and is inching towards overbought terrain. 

Wave theory analysis suggests that the currency pair is moving in wave iii in which wave (v) is pending which can go till 38.2% from the start of wave iii to wave (iv) which comes to 99.7 levels. I have marked wave i and wave ii lower which is not that compelling an so will also open wave a and wave b lower and wave c higher so in summation it can be (w-x-y) in future.

The summation is GBPINR is positively poised and is all set to move higher till 99.7 levels with support at 97.65 (closing basis).

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Comments

Phani Kumar said…
This Information is really good and informative. Thanks for it.
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