There have been numerous requests for Elliott Wave analysis of the Indian Rupee or USD/INR. Readers from India have been wonderstuck at how WaveTimes managed to identify a top above INR 54 last time, following which the currency pair dived to 48.60 in a few short weeks. This time, I am presenting you with a series of charts, most of the comments appear directly on the images themselves.
The key point for you to know is we have some decent supports just below 55 now, and it is possible to see a recovery back to 56.50. Below 54.80 on a closing basis will expose 53.50. But in the current environment, if the markets are left alone to its ways (ie without any official intervention) we will almost surely get another chance to sell USD at more attractive levels than current.
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USD/INR: Decent Supports For Rupee Just Below 55
Published 07/02/2012, 01:31 AM
Updated 07/09/2023, 06:31 AM
USD/INR: Decent Supports For Rupee Just Below 55
Latest comments
now the US Dollar is weaker than INR with respect to previous month. Can you please predict whether it will continue same or it will again be stronger like previous month?
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