USDINR: Predicting as per Elliott wave theory!!

The below article is picked up from "The Financial Waves Forex update" by Waves Strategy Advisors. For subscription to this report visit http://www.wavesstrategy.com/index.php/store.html

On the back of upside rally in Indian markets which touched life time highs in the month of March 2014, USDINR appreciated and moved lower towards 60 levels. 

If we see, the movement of USDINR from last 2 months is very much like sideways to negative action. During this environment, trading becomes challenging as big moves and high volatility disappears from the market.

In the past we observed that whenever USDINR appreciates, on the back of it news come that RBI have been selling dollars and taking various steps to prevent the rupee fall. On the other side when its starts to depreciate, then again media come to the domestic factors like CAD, Fiscal Deficit, etc. has been increasing and things like that. Now, question arises is this really important from trading perspective? Trading requires objective techniques rather than betting on luck or news!

We have been applying Advanced Elliott wave theory with basic technical analysis on various asset classes. Below research was sent to our paid subscribers of “The Forex Waves Short Term Update” dated 26^th March 2014, where short term path for USDINR was shown.

Anticipated on 26th March, 2014:

USDINR 30 mins chart spot:

Happened on 2^nd April, 2014:

USDINR 30 mins chart spot:

As expected, On 2^nd April 2014, prices exactly made lows at 59.95 levels which we anticipated earlier and bounced back sharply on upside. This sharp move on upside has taken less time. So, what will be the next trend in USDINR. To ride the next wave of INR Pairs and get short to medium term forecast subscribe to “The Forex Waves Short Term Update” now and avail 30% discount on annual subscription. For more information visit pricing page.