Thursday, May 24, 2012

USDINR - Elliott Wave Update

The channeling technique applied to the price movement of USDINR reveals that there is a possible resistance zone in the 57 - 58 range on USDINR. The larger channel marked {A} - {B} - {C}, is expected to confirm at the top channel boundary. This resistance comes in the range of 57 - 58 Rupees to a Dollar. But if this zone is taken out then we may see much lower levels on the Rupee. The rise in dollar causes the commodity prices to reduce, but the fall in Rupee against the Dollar is not letting us take the benefit of this fall in prices.


  1. Your 18th May chart looks more likely than this one!


    1. Well the trend lines are not correctly drawn on that chart. But prices don't know what lines we have drawn on chart, its for our reference only, what ever works for us!


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