USDINR Anticipated Happened

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 USDINR hourly fut chart anticipated on 9th August 2020

USDINR hourly fut chart happened on 24th August 2020


In my previous article dated 9th August I had mentioned that, "Prices are set to plunge in order to test the support of the falling small channel which comes to 73.8-74 levels and the resistance will be at 75.8 (closing basis)." - Anticipated Happened

Today it made a low of 74.0250 in futures which was close to my mentioned target, I was bearish from 75.13. Here is the link of my previous article, click on it.

https://www.marketanalysiswithmeghmody.com/2020/08/usdinr-elliott-wave-analysis

In the afternoon, the Fiance minister announced a relief by exempting business upto 40 lakh annual turnover from GST, after that many Fundamental Analyst became bearish, but Elliott Wave with combination of Technical tools were giving bearish signal in the start of the month.

I had anticipated that wave x after second correction was over and so wave z will come down to test the lower end of the falling channel when it was quoting 75.13 and with stop of around 57 paise and target of more than a rupee, I was successful i capturing the entire move.

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Comments

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