USDINR: Short to Medium term forecast

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USDINR Short term view


USDINR has bounced back from the lower levels and is likely to move higher near till its previous high placed at 72.6 levels. Technically speaking, prices are moving up in a higher highs and higher lows after marking a low of 70.96 levels. This recent upmove can halt and a sideways to negative action can be seen which can fill the gap at 71.7 levels. Thereafter, it can move to test the high of 72.6 levels. In terms of Wave theory this is a flat pattern where wave a after the high of 72.6 was a three wave structure (a-b-c) and wave b will be almost 100% of wave a.

USDINR Medium to Long term view


USDINR is possibly going to stay in a range of 72.6-70.9 levels over medium term but this will not be the range as the overall trend is firmly positive, prices are set to rise going ahead and can even cross 72.6 to test 74 levels. As mentioned above after completing wave b it can move down to test 70.9 levels in the form of wave c to complete wave ii/b. If this is a zigzag pattern then wave c will be 61.8% of wave a to wave b so the level will be 73.6 in coming months or so. The overall trend is positive for USDINR with support below  70.8 levels and target at 73.6.

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