Elliott Wave Analysis For Inr/usd

#1
The current weakness in rupee is in fact at the fag end of its completion.
my sense is intermediate wave (B) should end anywhere between 45.90 to
46.77 levels. (infact 45.90 level was crossed a few days back). or inr may
go just beyond 46.77( but not much beyond ) to complete the expanded flat
wave (B). In case ruppee falls short of 46.77 that will comlete irregular flat
correction. Both these scenario point to one fact that most of the damage or
one may call it weakness, in rupee is over.
from here on we will see a strengthening rupee against dollar. The implication of this is that export oriented companies will feel the pinch but not immidiately. For this to happen
we will have to wait for some time .IT companies will feel pressure the most.
On a larger degree ,I see INR firming to 33.22 to 31.36 band to complete the
wave IV . This may be an impulsive decline or another up wave followed by a
down wave .
 

Attachments

#2
hi joy gud to hear that but if you look at the long term trend is there any possibility of INR breaching its current resistance level.
cheers
gsbisen
 

Traderji

Super Moderator
#3
joy_verma said:
On a larger degree ,I see INR firming to 33.22 to 31.36 band to complete the
wave IV . This may be an impulsive decline or another up wave followed by a
down wave .
Interesting observation Joy. I remember reading an article by Prechter once on the Indian Rupee and he too had a similiar view.
 
#4
Hi
that is what wave theory is pointing towards. An analyst is supposed to
adhere to the rules and leave rest to the market because we are analysing
the probabilities and try to choose the best posssible one. As far as INR/USD is concerned dollars presnt advance is regarded as a corrective wave and may take time to finish . once that is over dollar will weaken considerably against world currencies including Indian national rupee.
regards,
joy_verma
 

yoda

New Member
#5
Hi all,

not sure wot to think of usdinr, but i found this site that has Elliott Wave on many less covered currencies... including lots in Asia.
Can't remember if they covered the ruppee or not though.

www.capitalcurrencymarkets.com

hope it si helpful to you,

cheers, yoda
 
#6
joy_verma said:
The current weakness in rupee is in fact at the fag end of its completion.
my sense is intermediate wave (B) should end anywhere between 45.90 to
46.77 levels. (infact 45.90 level was crossed a few days back). or inr may
go just beyond 46.77( but not much beyond ) to complete the expanded flat
wave (B). In case ruppee falls short of 46.77 that will comlete irregular flat
correction. Both these scenario point to one fact that most of the damage or
one may call it weakness, in rupee is over.
from here on we will see a strengthening rupee against dollar. The implication of this is that export oriented companies will feel the pinch but not immidiately. For this to happen
we will have to wait for some time .IT companies will feel pressure the most.
On a larger degree ,I see INR firming to 33.22 to 31.36 band to complete the
wave IV . This may be an impulsive decline or another up wave followed by a
down wave .
hello joy,

i do some analysis in stocks. forex is something which i am not very clear of. i wondered whether metastock, adv. get etc the s/w we use for analysing stocs would work with forex? but ur comment suggest that it would work. thanks.
now i would like to know :confused: from where cn i get data of other currencis via-a-vis INR. in metastock format so tht analysis could be done.
xpcting rply

samudrya
 
#7
Hi bluesea,
If you want to purchase it then you can contact viratech .
I do not know any free currency data provider . May be
other members could be of help.
Regards,
vinay
 
#8
bluesea said:
hello joy,

i do some analysis in stocks. forex is something which i am not very clear of. i wondered whether metastock, adv. get etc the s/w we use for analysing stocs would work with forex? but ur comment suggest that it would work. thanks.
now i would like to know :confused: from where cn i get data of other currencis via-a-vis INR. in metastock format so tht analysis could be done.
xpcting rply

samudrya
Hi,
check the below link for metastock fx product
Regards
http://www.equis.com/products/realtime/metastockprofx/
 

neo1599

Active Member
#10
Hi,

If u look at the dollar currently then u will notice that it has become weaker. I think by the end of this year we may see USD down to about 42-41RS.

Neo :)
 

Similar threads

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?