USDINR: After five waves down

USDINR Daily Continuous

As per the above chart USDINR have completed impulse wave (1-2-3-4-5) on the downside. After completing wave v which was a truncated, prices rallied and gave a bullish break in a falling channel. This is a sign of trend reversal. However, more confirmation is required for an positive outcome to emerge.

Sustainable move above 64.8 will give an indication that prices are poised to rally near till 65.30-65.40 levels. Failure to protect the above mentioned level will negate the downside target.

In short, expect prices to rise near till 65.30-65.40 levels in near future as far as the level of 64.8 is intact on the downside.


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