Gap-up Today & Continuation Breakout Currently on a Daily Timeframe. Break out of Long timeframe consolidation & clear Pattern. High Probability & Superb Risk-Reward Trade. Tomorrow's Weekly Close is Important.
$USD/INR looks to have broken the triangle and a similar move like the past two cycles could see the pair rally to 69.6 in 6-7 weeks.
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Twitter: cmellon1976
Website: elliottwave-forecast.com
USDINR is in a Long Term Uptrend & is forming a Bullish H&S Continuation pattern. Move above Neckline could Trigger a Continuation Up Swing.
Fundamentals are also in Sink as Fed is mulling / Poised to increase Rates While RBI is Lowing the Interest rates to Spur Growth while taming the inflation Cycle which supports the Devaluation of INR ie an Uptrend in USDINR...
Not a famous pair, but a potential opportunity, nevertheless.
1.5 Year Consolidation, Inverse Head and Shoulders Pattern, at 50% retracement,
Neck_line resistance.
Price broke out from Down_Trend Line, and may be completing a potential AB=CD, short term Overbought.
Long(IF), Potential brake_out, holding above 64.0800 and retesting of the Neck_line(becoming...
Bearish XABCD Pattern:
Short Level Entry - At point D.
Zone of 63.20-63.46 is good for short entry.
However Check for confirmation from other indicators like MACD & Parabolic SAR.
In trade try to turn odds in your favor & take confirmations from other indicators.
TP1 = 62.05
TP2 = 61.33
SL = 63.77
A perfect chart ...every thing seems to drop in place ....In wave 5 ...angle of rising of INR seems to be in between 60 -65 degree ....and with dollar strength this move will not surprise us ....May be a rate increase by FED would launch this into 63 degree into its correct orbit.....
I was looking USDINR to bounce from .886 BAT level .. but notice how the RSI was not oversold at that point.
RSI is now oversold and USDINR has bounced from an alternate BAT level retracement 1.13 ...
I would buy pull backs for 62.8 first
