USDINR: A bullish reversal pattern in an Ascending Triangle Pattern

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 USDINR daily chart (spot)


USDINR 4 hour chart (spot)


Analysis

From a month I have been saying that USDINR is likely to move higher cross series of resistances which is at 83.00 and reach towards 85.00 levels. First we all need to understand that prices are moving in an impulse fashion where it is currently moving in wave 4 which is your ascending triangle pattern. Currently the pair is in the last leg of this pattern and probably it might have finished wave e of the triangle pattern which will open wave 5 higher anytime soon.

From Daily chart, prices are consolidating in a range of 81.00-83.00 levels from past 6 months and it is very important for prices to give a trending move by breaking this range on either side. My view continues to be positive for the pair. Also RSI has arrived near to the oversold terrain which is suggesting that there is no room for the pair to go down.

As shown in 4 hour chart, the pair is moving in a ascending triangle pattern, where it is in the final leg. Also prices have arrived near to the crucial support level of the pattern which will be protected. I believe that there will be a reversal from current levels which will not only cross 83.00 levels but will also reach towards 85.00 levels.

Elliott Wave theory suggests that, the pair is in wave e which is the final wave of the ascending triangle pattern. Within wave e, prices have formed wave flat pattern. In flat pattern prices might have completed wave c of wave e in an ending diagonal pattern (as seen in 4 hour chart). As this wave ends wave 5 on the higher side will resume.

The summation is USDINR has arrived near crucial support and can move higher from current levels which can cross 83.00 levels and then reach towards 85.00 levels over short to medium term.

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