USDINR: Enough depreciation

USDINR daily chart

USDINR has been continuously depreciating from past two months. after making a high of 71.9 in the month of February 2019. However, the depreciation will not intensify and there are high chances for prices to reverse in coming weeks.

After completing wave a in flat pattern, prices are moving in wave b which is an irregular flat pattern. In which wave b dipped below the start of wave a and completed at 68.34. Currently prices are moving higher in wave c. This wave c can go higher till end of wave a.

It is likely prices can move up till 72 levels in near term as far as the level of 68.4 is intact on the downside.

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