USDINR Re-visited

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 USDINR daily continuous chart anticipated on 13th June 2021


USDINR daily continuous chart happened on 2nd July 2021


In my previous update on USDINR dated 13th June I had mentioned, "USDINR can move higher from here and can test 73.5 levels over short term and further if it sustains above it can move till 75-75.3 levels over medium term."

Prices surged from the support of the trend line and achieved my level of 73.5 followed by 75-75.3 as the pair made a high of 75.07-  Anticipated Happened.

Here is the link of my previous update on USDINR which you can read just by clicking on it

https://www.marketanalysiswithmeghmody.com/2021/06/usdinr-elliott-wave-analysis-and.html

In past two weeks there is been huge volatility in global markets after FED dot plot revealed that they are all set to hike interest rate by 2023. Two rate hikes are all set by FED, but was this the real reason or it was well anticipated ahead of the event as USDINR achieved all my levels.

As per wave theory, if prices test 75.3 and then reverse it will then move down towards 73 levels or will start if wave c of flat will be a failure. I am not expecting USDINR to move higher from here and can move down towards 73 levels.

The summation is USDINR can move down from here as there is a cluster of resistances which can drag prices towards 73 levels.


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