USDINR: Inverse Head and Shoulder Pattern and Elliott Wave Analysis

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 USDINR hourly spot chart


As shown in the above chart, the pair is moving in a sideways direction and can possibly reverse from current levels changing direction from negative to positive. To support the above statement, it is important to see that the pair has made a reversal pattern near cluster of supports (marked by arrows). The reversal pattern is on the brink to complete once the level of 74.7 is decisively crossed. The reversal pattern is inverse head and shoulder pattern.

From Waves Perspective, prices are moving in an impulse fashion after completing corrective pattern (a-b-c). In the impulse wave it has completed wave i and it is currently moving in wave ii, once it is complete wave iii can soar prices close to 75.6-75.7 levels (spot).

The summation is USDINR is firmly positive and can move near till 75.6-75.7 levels once the level of 74.7 is decisively crossed and sustained.


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