USDINR - Short to Medium Term View

USDINR ($) - Last Close - 56.01[25-July-2012]

Ø      The above weekly wave chart indicates that the current rising leg almost completed or it will end around 56.80 levels.

Ø      In the Elliot wave perspective, USDINR has completed “wave 2” (or almost at the end) and open for remaining impulse structure in short to medium term.

Ø      Technically, after testing deep overbought levels USDINR started retracing down toward 50% and 61.8% retracement level of last major rising leg.

Ø      Exactly reversing from the medium term rising channel.

Ø      Expect the upcoming fall as an impulse leg and will move with in the falling channel (marked in blue).

Ø      In addition weekly oscillators placed in favor of bears with negative divergence.

Ø      This is our preferred wave count, the view will negate on close above 57.35.