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Showing posts from December, 2012

JPYINR to move down in coming trading sessions....

JPYINR is negatively poised as it moving in a down ward sloping channel. The currency pair is forming lower high and lower low from November 2012.

Prices were hovering near the resistance of upper trend line of falling channel on Friday. It opened negative after facing the resistance and made a low of 63.60 level.

As per wave perspective, prices are moving in a double zigzag pattern (a-b-c-x-a-b-c). Currently prices are moving lower in the form of wave c.

In short, our bias for JPYINR continues to be negative as far as prices are moving in a downward sloping channel.

USDINR to test 55.30 level...

A clear direction for USDINR after a transition period...

USDINR continues to move sideways...

CURRENCY PAIRS

  USDINR Prices faced the resistance of 76.4% retracement of the previous downmove (57.10-52) and started to shedding gains as it failed to move above that level. Dollar started to depreciate more against rupee when the upward sloping channel was breached.
Prices completed ending diagonal pattern, a move below55.50 pulled the prices to lower levels, thus activating bears. As per the wave perspective prices completed wave vand next leg on the downside has started. In forth coming sessions dollar will further depriciate and USDINR can test 54.80 in coming sessions. Momentum indicator RSI has also changed its path after touching 60. In short, USDINR will test its support of 54.80 in couple of trading sessions which will appreciate INR.


EURINR After a bull run for this currency pair, prices failed to close above its preceding high, thus changing the sentiment of many currency traders.Prices now will move lower to test 70.50. Momentum Indicator RSI is in the territory of overbought zone and…