USDINR Elliott Wave Analysis

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 USDINR spot 2 hour chart


Analysis

As shown above chart, USDINR is moving in a sideways terrain primarily moving in a range of 83-80 levels. Prices are expected to move in this range as it has attempted to move close to 83 levels but failed to cross it. So now there is a high possibility that the currency pair is likely to test the lower levels soon.

RSI is close to overbought terrain and can move down as there is enough vacuum left for the oscillator to move down.

As per wave theory, prices have completed wave b in a flat pattern (a-b-c) where wave b has retraced move than 80%, which will now open wave c lower. There is a high possibility for wave c to completely retrace all of wave b so it is likely that 80.50-80.30 levels will be tested.

The summation is USDINR is all set to plunge and test 80.50-80.30 range over short to medium term.


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