Thursday, August 2, 2012

USDINR - ElliottWave Analysis

Hourly Chart
USDINR is closing in on the possible reversal zone, the zone ranges from 55.80-56.00. USDINR should complete wave {2} in this zone. I would short in this range with a stop loss above the beginning of wave {1} at 56.41. On the down side we may start wave {3} which is always the most dynamic wave of any impulse move, and is expected to touch the 54-52 zone. So a risk of 0.40 Paise may give you a reward of 2.00 to 2.40 Rs to a dollar. This gives us Reward to Risk ratio of 5 to 6. I would call it a good trade. So somewhere during today's session or tomorrow, we may get an opportunity in the 55.80-56.00 range.