USDINR: Completion of Triangle Pattern

It is believed that USDINR will not move above 63 levels and will consolidate within the range of 60-63 by many analysts, brokers and traders. What is the story behind USDINR?

To know the answer we have used Elliott Wave Analysis to know the forthcoming trend. By using this advance technical theory, it has become easy to identify the patterns and its implication.

From the daily chart of USDINR we can observe that, prices has been moving in a range of 60-63 from past 5 months which has been very difficult for traders to trade in currency pair as it was moving in a triangle pattern. Triangle pattern occurs in selected waves and cannot be plotted anywhere as per the guidance of R.N Elliott.

In a triangle pattern there are 5 legs (a-b-c-d-e) each comprising of 3 (a-b-c) which is a form of corrective pattern. It seems that prices have completed the last leg of triangle pattern and it is now ready to move up. The target for this pattern comes to around 67 levels.

In short, expect USD to appreciate against INR which will not be a healthy sign for Indian Equity Markets. The possible target for USDINR is 67 levels.


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