- July 1, 2012
- Posted by: Ramki Ramakrishnan
- Category: Inr
There have been numerous requests for Elliott Wave analysis of the Indian Rupee or USDINR. 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.