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USDINR daily chart anticipated on May 6th 2023 USDINR daily chart happened on May 19th 2023 Analysis In my previous update I had mentioned for USDINR, " USDINR is expected to open positive possibilities once the level of 82.15 is taken out on the upside which can propel price towards 83.00 over short term and then any move above 83.00 will surge it towards 84.50-85.00 levels. However, any break below 81.40-81.00 levels will negate the upside view." There were cluster of supports near 81.40-81.00 levels and from there the pair has reversed thereby breaking 82.15 levels and made a high close to 83.00 levels - Anticipated Happened To view my previous article on USDINR, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/usdinr-at-multiple-supports-and-elliott.html As seen in the above daily chart, the pair has arrived near cluster of resistances which is also the consolidation zone formed from past 6-7 months. If prices move above this level whi
Gold 4 hour chart Analysis As seen in the above chart, gold prices shot up after escalating geopolitical concerns. Gold prices are moving higher after making a low of $1800 levels and yesterday it closed well above $1930 levels and it is on the brink to cross its previous swing high, which will indicate that the trend is firmly positive. According to Wave theory, prices completed wave a at $1809 levels and has started moving higher in wave b which is also a corrective structure thereby forming a flat pattern, prices can move towards 80% (minimum) which comes to $2025-2030 levels and maximum it can go till 123.6%-138.2%. The summation is Gold prices can move higher going ahead and can test the level of $2025-2030 levels over short to medium term. Join my Telegram Channel : https://t.me/elliottician1 Join My Twitter handle : https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ
USDINR spot daily chart USDINR spot 2 hour chart Analysis As seen in the above daily chart, USDINR is moving in a ascending triangle pattern and it seems that the pattern is still ongoing. The important thing that has been noticed is the vols, which has come down drastically. This can also be seen in the above chart as there is no movement as such in the pair. However, the pair is consolidating near cluster of supports which has been tested several times. First, there is the rising red trend line of the ascending triangle pattern. Second, is the small triangle which is forming and has a crucial support placed at 81.65 levels. Third, there is 200 SMA (blue) which is now placed near to 81.60-81.40 levels. As far as this confluence zone is intact the bias for a bounce back or possibility for the pair to climb back up towards 83.00 is not ruled out. From 120 mins chart, prices are now forming in a descending triangle pattern within the ascending triangle pattern. Prices are consolidating