Saturday, February 04, 2012

INR rally is at imp resistance area !

USDINR 4 Hour Chart
USDINR is now very close the support levels of 48. We may see a brief pause around this level. On Nifty too we are very close to completing a wave [3] extension. If USDINR gets supported around 48 we may see a brief pause to the Nifty rally that is going on. Based on our bullish views on INR, discussed in our earlier post, (link here), we may be in early stages of a INR rally against the USD. But if we take out 48 - 47.50 band we are headed for the 43 - 42 area for sure on USDINR. What patterns we make on our way will be interesting to watch. Right now we are just about at the terminus of the previous wave IV, lets see if we are offered any support here.


  1. This system is called what?

  2. That "Anonymous" must be from planet Mars :)

    1. No it's alright, thats what this blog is for, "people to discover EWP".


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