Currencies
Tuesday, March 01, 2016
Rupee
RUPEE
USD/INR
CMP-$68.39: LONG TERM TARGET ACHIEVD:
END OF 5 WAVE ADVANCE RALLY:
EXPECTING RUPEE TO APPRECIATE AGAINST USD IN SHORT, MEDIUM & LONG TERM PERSPECTIVES FOR LOWER LEVELS TARGETS:
BIG TREND REVERSAL: TRAIL TILL IT REVERSES:
Rupee closed $ 68.39 levels on 01.03.2016. It closed daily in negative territory. It has broken out on down side from ending diagonal pattern in wave-V as per chart attached. It has achieved my long term targets of $ 69 near recent high as expected earlier. It made a high of $68.89 levels on 25.02.2016.
It has completed 5 wave advance rally in channel as per chart attached. It has also formed double top kind of pattern as per chart attached. It also looks like 5 wave decline fall from recent top as per hourly charts. It has achieved my long term targets levels near upper end of channel as expected earlier. Based on these all evidences, it looks like BIG TREND reversal in USD/INR from short, medium & long term perspectives.
It also looks like completion of 5 wave advance rally as per monthly chart attached here with. It can be ABC rise or end of wave-3 is still not conclusive to me from wave count perspectives. But one can expect correction in USD/INR till these recent high surpasses for lower levels targets as mentioned below.
Short term target- $66.85/$65.90
Medium term target- $64 / $63.25
Long term target-$61/ $58.25
One should keep SL-$68.90 levels for the same. Conclusively, I am expecting Rupee to appreciate against USD in short, medium & long term perspectives for lower levels targets till trend reverses.
USD/INR
CMP-$68.39: LONG TERM TARGET ACHIEVD:
END OF 5 WAVE ADVANCE RALLY:
EXPECTING RUPEE TO APPRECIATE AGAINST USD IN SHORT, MEDIUM & LONG TERM PERSPECTIVES FOR LOWER LEVELS TARGETS:
BIG TREND REVERSAL: TRAIL TILL IT REVERSES:
It has completed 5 wave advance rally in channel as per chart attached. It has also formed double top kind of pattern as per chart attached. It also looks like 5 wave decline fall from recent top as per hourly charts. It has achieved my long term targets levels near upper end of channel as expected earlier. Based on these all evidences, it looks like BIG TREND reversal in USD/INR from short, medium & long term perspectives.
It also looks like completion of 5 wave advance rally as per monthly chart attached here with. It can be ABC rise or end of wave-3 is still not conclusive to me from wave count perspectives. But one can expect correction in USD/INR till these recent high surpasses for lower levels targets as mentioned below.
Short term target- $66.85/$65.90
Medium term target- $64 / $63.25
Long term target-$61/ $58.25
One should keep SL-$68.90 levels for the same. Conclusively, I am expecting Rupee to appreciate against USD in short, medium & long term perspectives for lower levels targets till trend reverses.