USDINR Antcipated Happened

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 USDINR 240 mins chart anticipated on 13th Feb 2023


USDINR 240 mins chart happened on 3rd Mar 2023


Analysis

In my previous update dated 13th Feb 2023, I had mentioned that USDINR will move below 82 levels when it was near to 83 levels. "USDINR can fall below 82 in coming weeks which can drag prices close to 81.80-81.60 price zone over short term."

The pair sinked below 82 levels and marked a low of 81.89 and it is likely that it will mark a new low on Monday morning thereby achieving my mentioned level.

To read my previous update, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/02/usdinr-anticipated-happened-and-elliott.html

As seen in the above chart, prices are moving in an ascending triangle pattern which was identified ahead of time and market participants. It is likely that the pair is on the brink to complete this pattern and now will open its next move soon.

Traditionally triangle can act as a reversal pattern or it can be a continuation pattern. In the above case it will be a continuation pattern. RSI and Stochastic both are in oversold terrain.

As per wave theory, prices are moving in wave 4 which has been an ascending triangle pattern. In this pattern prices are on the verge to complete its last leg of wave e (a-b-c-d-e). Once this leg is over, prices will start wave 5 higher which can go till 85 levels (updated in my previous report as well).

In the last leg of the ascending triangle wave e has corrected to 61.8% of wave d and there are 4 touch points already, so wave e has a chance to fail meaning it wont touch the trend line, thereby being a failure. If not it can dip towards 81.30 as well before reaching 85.00 levels

The summation is USIDNR looks to have limited downside with support at 81 and can move towards 85.00 levels over short to medium term.

Comments

Bishal jaiswal said…
Nice analysis in usdinr...please give weekly basis analysis in usdinr...its very helpful..thanks a lot nd i am big fan of your...
10 March 2023 at 14:44
Megh Mody said…
Thank you... will look forward for your request
12 March 2023 at 19:49
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