USDINR Bow and Tie Diametric pattern

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 USDINR 2 hour chart (spot)


Analysis

As shown above chart, USDINR pair has been moving in a stiff range of 83-82.60 levels from quite some time. Initially I thought it is moving in an ending diagonal pattern but later it turned out to be another Neo wave pattern. Last week it managed to move down below the important support of 82.50 but on Friday it moved back till 82.76 levels but closed at 82.68 levels. Once the support is broken prices will not sustain higher and as a result it is bound to break further levels on the downside.

At present the closest support is at 82-81.90 levels which is the the support of the channel,

From waves perspective, prices completed Neo wave bow and tie diametric pattern and has started wave c lower. It took almost more than a month to complete wave b and has opened wave c lower which can test 82-81.9. Only a break below this level will accelerate more selling which can drag prices towards 81.50-81.20 levels.

The summation is USDINR is negatively firmly negative and can test the level of 82-81.90 over very short term. Break of this level can test 81.50-81.20 levels over short term.

In reference to my previous articles on USDINR, I was bearish from past one month. To view my earlier articles you can click on the below mentioned links.

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