GBPINR: Power of Third wave!

GBPINR: Power of Third wave!

By Waves Strategy Advisors, For more information on subscription write to helpdesk@wavesstrategy.com

Since past one month we have seen a violent move on upside in four INR pairs. This means INRdepreciated not only against US Dollars but also against GBP, EUR AND JPY aggressively. GBPINR is one of the INR pair which has moved higher in last one month from 84 to 92.

Sharp move on upside from 84 has been captured by us very accurately which is shown below in Daily chart, picked up from the currency report – The Forex Waves which published on alternate day. This is possible by combination of Simple and advanced technical tool i.e. Elliott wave theory.  

Anticipated on 31^st May 2013:

GBPINR Daily Chart:

Wave Analysis:

We have mentioned on 31^st May 2013:

As expected, in the previous trading session prices opened on a positive note, continued the previous day up move and achieved the mentioned level of 85.70 levels. Prices closed above the crucial level of 84.70 after one moth sideways action between the range of 83.40-84.70 which indicates the resumption of uptrend.

As per wave theory, sharp move in the last trading session has confirmed that prices have ended minute wave (ii) near 83.40 levels and it has started the next leg on upside of minute wave (iii) of minor wave iii.

In short, earlier 84.70 acted as strong resistance and now it becomes crucial support over short term. As long as prices move above this support our bias is positive for GBPINR and prices can move higher towards the next resistance of 89.50/89.70 levels

Happened:

Wave Analysis:

Happened: GBPINR sustained above the crucial level of 84.70 and moved higher sharply. This is the power of Elliott wave theory. Prices have sustained above minute wave (ii) of wave iii and rallied sharply. Above move from 84 to 92 is the classical example of third of third wave which is very violent and unstoppable. Rise in INR pairs might be surprise to many but we have been very accurate in capturing the up move in all pairs.

Do not wait for news or any outcome, trade objectively. Get access to the research report “The Forex Waves” and also know the major trend for Nifty along with other stocks. For more information write to us at  helpdesk@wavesstrategy.com or visit www.wavesstrategy.com