USDINR Elliott Wave Analysis and Keltner Channels

 USDINR daily continuous chart

From the above USDINR daily chart, it is clear that prices have given a bullish break in falling channel and can continue to move higher. However, here in this case there was a throwback by prices where it re-tested the upper falling trend line which was earlier acting as a resistance, now as a support (role reversal).

At present it is trading above the trend line which is an indication that the bullish break is still intact and prices are poised to move higher going ahead.

I have opened a possibility of a range where prices are moving in, the two horizontal lines are the extremes. It recently tested the lower extreme and can move higher from here to test the upper. This also opens the possibility of double bottom and the peak will be at 75.5 which when crossed will open further positive possibilities.

By applying Keltner channels it is to be observed that whenever prices move below the lower channel and then re-enters, prices  make volatile move and cross the upper channel which in this case will be above 73.5 which will be minimum target.

From waves perspective prices are moving in wave c of a correction, where it completed wave a and wave b possibly which opens wave c higher and can test 75-75.3 levels over short to medium term.

The summation is USDINR can move higher from here and can test 73.5 levels over short term and further if it sustains above it can move till 75-75.3 levels over medium term.


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