Monday, August 27, 2012

USDINR found some support around 55 levels!

4 Hourly Chart
I had proposed three possible outcomes from this range bound action on USDINR. I feel if we take out 55.92, we might well be on our way to play out the possibility shown on the chart above. Which means we have to take out the top of wave [3] around 57 odd levels, as our minimum target for wave [5]. On the other had if we get resisted around the 55.92 levels, then we may see prices going down to much lower levels, two possibilities were marked on the chart in our last post, refer it here.. We are still in the range of 55.92-55.00, so unless we get a break on the either side, we wont see a price expansion.