USDINR: Impulsive Wave

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From the below Daily chart it is clearly visible that the current trend for this pair is negative. Even by using simple channeling techniques one can understand the trend of the asset class. In this chart prices are moving in a falling red channel which is downward sloping.

Prices are expected to move lower after breaching the ending diagonal pattern. The current fall is steep thus giving an indication that the trend is here to stay.

As per wave theory, in October 2015 when prices were quoting near to 64.80 levels, the pair moved higher in a three wave structure (a-b-c) and completed on higher degree. After completing wave c 67.15 in an ending diagonal pattern, prices are moving down in a impulsive pattern which has five wave structure in it. Currently it completed wave ii which is a counter trend at 66.40 levels. Now it will resume the downtrend by starting with wave iii, which can move down till 65.50 levels.

In short, prices are negatively poised and can move down going ahead. The pair is expected to test the level of 65.50 levels.

USDINR Daily chart


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