Waves Strategy Advisors: USDINR Path ahead!

Waves Strategy Advisors (www.wavesstrategy.com) 

Bottom Line: USDINR could complete wave b of 2 very soon and can result into short term up move. This article was published in The Forex Waves short term update report. Write to us on helpdesk@wavesstrategy.com for subscribing to this alternate day publication.

USDINR Daily chart (July contract):

USDINR 60 mins chart:

Wave Analysis:

USDINR moved as expected, prices opened with a gap down and drifted lower till 54.90 levels in the form of wave b of 2.

As shown above in 60 mins chart, minute wave b of 2 took more time to correct the previous wave a of 2 and still not able to breach the previous low of 54.50. So we expect prices to end minute wave b of 2 near 54.50/54.30 levels and could start the next leg on upside over medium term.

In short, it will be difficult for prices to breach the previous low of 54.50 over short term. Later, sustainable move above 55.35 will provide the bullish opportunity till 56.20 levels.

Please remember the medium term trend for USDINR is down and after wave 2 is complete we expect wave 3 to start on downside taking prices towards 53 levels or lower. For more information write to us on helpdesk@wavesstrategy.com