USDINR: Correction on the way

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USDINR Daily chart



From the above chart USDINR has completed five waves on the upside, thus opening the possibility of a correction which can drag prices near till the immediate support.

The supports are now placed at 68 followed by 67 which is the support of the trend line. I think all these support will be broken in near term or in medium term.

From wave perspective, after completing an impulse wave, a corrective wave of a higher degree is likely to follow which can take prices till 68 followed by 67 over short to medium term.

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