USDINR: Elliott Wave Analysis

UADINR Daily chart
As shown in the daily chart, prices are facing resistance of 138.2% of Fibonacci retracement 77 to 72.3. Also at the top, the pair has formed a distribution pattern which is rising wedge. However there is no bearish break confirmed by the price.

From Waves perspective, prices are moving in a irregular flat pattern and has completed wave b. This will now start wave c lower plummeting it towards 75.5 levels.

The summation is USDINR can reverse anytime soon plunging till 75.5 over medium term.


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