USDINR still in triangle

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 USDINR daily chart


Analysis

From the above chart, prices continue to move in a higher highs and higher lows and there has been no discontinuation of the positive formation as of now. However, from past 8 months prices are moving in a stiff range of 81.50-83.00 levels with no breakout on either direction. Last week the candle was on strong footing as prices quickly recovered from the lows of 81.75-82.75 levels and closed near the weeks high which is a positive sign. There needs to be a decisive break above 83.00 levels which will open further positive possibilities for the pair to travel in the range of 84.00-85.00 levels.

As per Wave theory, prices are moving in wave c of wave Z, in which it has completed wave wave 3 and wave 4 is either completed or it is still ongoing. Personally, I think wave 4 is over and wave 5 has started which can anytime move above 83.00 that can open the possibility of 84.00-85.00 levels.

The summation is USDINR has high potential to cross 83.00 levels and can move towards 84.00-85.00 price zone with support now at 81.50 levels.

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