Where is Indian Currency USDINR headed? The complex correction!

INR has been in news lately due to its depreciation against major currency pair and especially USD over past 1 month.

The movement on upside in USDINR was expected not because of any fundamental reasons but the simple concept of channels provided important reversal point. We have been expected 58 level to act as very important support and USDINR bounced back exactly from there!

The below chart of USDINR was published on 26^th May 2014:

USDINR Weekly chart spot:

Happened so far: Rupee moved from lows near 58 to highs near 60.50 in less than a month

On 26^th May morning research report following was mentioned:

USDINR has arrived at crucial support zone of 58which is the important channel support along with 61.8% retracement of the entire up move from 51.20 levels to the highs of near 69. This level of 51.20 was seen in October 2012 and this pair touched 69 in August 2013. Indian currency along with many Asian currencies was looked upon as near crisis similar to that seen in 1997. However, many were surprised on dramatic reversal from 69 but from Elliott wave perspective the high was exactly near 161.8% of previous move which confirmed completion of wave 3 of primary degree and wave iv is ongoing since many months now. USDINR has also arrived near very important channel support which is valid since 2012 onwards and can be clearly seen from the above weekly chart. As of now prices have not confirmed the reversal & 58 is the crucial level and should not be ignored.

As shown on weekly chart, in Friday’s trading session this currency pair was unable to take out previous day’s low and touched intraday high at 58.55 level.The reading on RSI is exactly near 30.This is the time when one should get cautious in case major reversal across asset class happens.

Happened: Rupee moved from lows near 58 to highs near 60.50 in less than a month…

To know where is USDINR headed from here on from short term to medium term horizon subscribe to the “The Forex Waves short term update” and see yourself why we have been expecting such sharp depreciation in INR against USD. Visit http://www.wavesstrategy.com/index.php/store.html for subscription options or Contact us at +91 9920422202 / + 91 28831358 for more details, Mail us at helpdesk@wavesstrategy.com

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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.

Trade Forex using technical analysis!

Trade Forex using technical analysis!

By Waves Strategy Advisors (www.wavesstrategy.com)

Most of the time we think of trading in currency pairs but we always stop and wait for the best opportunities and by the time the opportunity arrives, we believe that it is too late to act upon it.

Because most popular pairs are not necessarily where the best opportunities are. Your best opportunities are where Elliott wave patterns are the clearest. Here is an example of that.

GBPINR 60 mins chart:

GBPINR moved exactly as per Elliott wave counts. It is range bound and is expected to stay in a range of 88-86.80. Since the currency is range bound and it is hovering at the resistance of the upper extreme of the range placed at 88, upside is capped. As shown in 60 mins chart, the currency is consolidating in the above-mentioned range, and a sideways movement is expected.RSI is also giving negative divergence…

To know the exact levels and targets in all currency pairs i.e. “USDINR, GBPINR, EURINR andJPYINR” subscribe to our alternate day publication of “The Forex Waves STU” and don’t miss any opportunity in currency. Forex trading is not that difficult if done objectively using proper technical tools.

For subscribing write to us at helpdesk@wavesstrategy.com or can call us on 9920422202.