By Waves Strategy Advisors, For
more information visit www.wavesstrategy.com or write to helpdesk@wavesstrategy.com
While majority of broking house and media were thinking USDINR to move below 50 or even below, our view was contradictory as we thought it will not break 53 levels.
USDINR managed to protect the crucial support of 53 and bounced from this level on 8th February 2013.
This was only possible with the help of Elliott wave counts and basic technical analysis such as channels, Bollinger Bands, RSI, Fibonacci Retracements etc.
We have applied Bollinger Bands along with Elliott Wave counts to identify that USDINR has probably made an important low at 53.08
The following excerpt is been picked from our alternative publication “The Forex Waves Short term update” where we had mention that USDINR will reverse from current levels.
USDINR Daily Chart:
Wave Analysis:
As shown above in daily chart of USDINR, we have shown Bollinger Bands, which is working precisely for this pair. Bollinger Bands are self contracting and expanding bands. When there is a less volatility it starts to contract and when volatility is more its starts to expand. Currently prices are quoting at the support of the lower Bollinger Bands, a move above ………….
As per wave perspective, currently prices are moving lower in the form of wave v of wave C. However prices are in very matured stage and should reverse. A move above ……. will start next leg on upside.
In short, USDINR is consolidating at 53-53.20 levels which is a crucial support for this pair.
Indian currency has probably formed a very important reversal today. This not only indicates thatINR should start depreciating but is also in sync with our outlook on Indian equity markets and Nifty direction. Subscribe NOW to “The Forex Waves” and do not miss this important juncture in Indian currency market.
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subscribing to currency research visit www.wavesstrategy.com or write to helpdesk@wavesstrategy.com or call us on +91 9920422202.
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Superb Analysis
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