USDINR Elliott Wave Analysis

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 USDINR daily fut continuous chart


From the above daily chart of USDINR, prices after making a high of 77, continues to move in a falling channel. This clearly suggests that the pair is negatively poised for short term. However, the pair has arrived near crucial support of 73. 

If this level breaks, then there will be massive sell off dragging it till 72.6, which will be its next support. Breach of 72.6 will again open further selling which will eventually force me to change my wave count.

As of now I have plotted impulsive wave in which at present the fall which is going on is wave iv. Any move above 74.5 will open positive possibilities soaring prices near to 77 levels. Break of above mentioned supports will force me to label corrective structure (a-b-c). 

On 1st Feb 2021, we have the financial budget coming in which can make this pair volatile and can expect dynamic moves. Be cautious!!

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