USDINR Elliott Wave Analysis

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 USDINR hourly continuous chart


From the lows of 73, prices are moving in a higher highs and higher lows and it is approaching near to its important resistance placed at 75.5 levels. RSI is also on the brink to cross its center line which will be a positive sign.

Wave theory suggests that prices are moving up in impulse where in it is forming wave iv in symmetrical triangle pattern, once wave iv is over prices will start wave v which can go till 75.5 levels. Also it will complete bearish flat pattern following which the pair will start shedding all its gains and will continue to move lower and its major trend is. On immediate basis, prices can test 73 levels followed by 71

The summation is USDINR can test 75.5 levels over short term followed by 73 over medium term.


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