USDINR Antcipated Happened

-

 USDINR 240 mins chart anticipated on 13th Feb 2023


USDINR 240 mins chart happened on 3rd Mar 2023


Analysis

In my previous update dated 13th Feb 2023, I had mentioned that USDINR will move below 82 levels when it was near to 83 levels. "USDINR can fall below 82 in coming weeks which can drag prices close to 81.80-81.60 price zone over short term."

The pair sinked below 82 levels and marked a low of 81.89 and it is likely that it will mark a new low on Monday morning thereby achieving my mentioned level.

To read my previous update, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/02/usdinr-anticipated-happened-and-elliott.html

As seen in the above chart, prices are moving in an ascending triangle pattern which was identified ahead of time and market participants. It is likely that the pair is on the brink to complete this pattern and now will open its next move soon.

Traditionally triangle can act as a reversal pattern or it can be a continuation pattern. In the above case it will be a continuation pattern. RSI and Stochastic both are in oversold terrain.

As per wave theory, prices are moving in wave 4 which has been an ascending triangle pattern. In this pattern prices are on the verge to complete its last leg of wave e (a-b-c-d-e). Once this leg is over, prices will start wave 5 higher which can go till 85 levels (updated in my previous report as well).

In the last leg of the ascending triangle wave e has corrected to 61.8% of wave d and there are 4 touch points already, so wave e has a chance to fail meaning it wont touch the trend line, thereby being a failure. If not it can dip towards 81.30 as well before reaching 85.00 levels

The summation is USIDNR looks to have limited downside with support at 81 and can move towards 85.00 levels over short to medium term.

Comments

Bishal jaiswal said…
Nice analysis in usdinr...please give weekly basis analysis in usdinr...its very helpful..thanks a lot nd i am big fan of your...
10 March 2023 at 14:44
Megh Mody said…
Thank you... will look forward for your request
12 March 2023 at 19:49
Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more