USDINR and Ending Diagonal

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 USDINR spot hourly chart


Analysis

As shown above chart, USDINR continues to move in a sideways direction with a slight tilt in price action. This tilt in common technical terms is formed into a pattern known as rising wedge. The rising wedge has accompanied with negative divergence in RSI indicating that the upside is halted. My view in continues to remain negative but the targets will be revised.

Rising wedges often gives a negative breakout, it is likely that the pair will move down once the level of 82.5 is broken which will infuse selling pressure dragging prices towards 81.8 ort term. It is imperative that pair breaks 81.6 which can accelerate more selling in this pair.

As per wave theory, prices have now completed wave b in which wave c has formed an ending diagonal pattern. A break below 82.50 will confirm that wave c of one higher degree of flat pattern has started.

The summation is USDINR is all set to plunge and test 81.8 over short term followed by 80.6, only if 81.6 is broken decisively over medium term.

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