USDINR Elliott Wave Analysis

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USDINR daily chart

USDINR hourly chart


From daily chart, the currency pair is moving down in a falling channel which is a negative sign, also it is arriving near the support of the big rising channel which is placed at 74 or even lower. RSI is also whipsawing the center line which gives no clear signals.

As per hourly chart, prices are moving in a lower highs and lower lows and it has found resistance near to its previous high and is showing signs of reversal. RSI is all poised to fall from current levels and can drag price till lower end of the falling channel.

Wave theory suggests, USDINR is moving in a complex correction pattern, in which second wave x and now it is all set to move lower in form of wave z which also has to be corrective in nature.

The summation is 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).

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