Wednesday, August 22, 2012

USDINR indecision continues!

4 Hourly Chart
USDINR as pointed out in our last post is still indecisive, more than a couple of possibilities exists, but the range has now narrowed down to between, 55.92-55.065. A break below the 55.065 level should be good for equities, and conversely a break above the 55.92 levels may suggest some weakness.
An interesting thing to note here is that below 55.065 levels, the possibility of a triangle in wave [4] takes a backseat, it will be postponed to say the least. But if we move up without violating 55.065 and break above the 55.92 levels, the up trend is almost confirmed. If the up move persists after breaking out from 55.92 level, we may even see prices reaching 58-60 range.

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