INR rally is at imp resistance area !

by Dean Market Profile on Saturday, February 04, 2012 in Currencies, Elliott Wave, USD INR

USDINR 4 Hour Chart

USDINR is now very close the support levels of 48. We may see a brief pause around this level. On Nifty too we are very close to completing a wave [3] extension. If USDINR gets supported around 48 we may see a brief pause to the Nifty rally that is going on. Based on our bullish views on INR, discussed in our earlier post, (link here), we may be in early stages of a INR rally against the USD. But if we take out 48 - 47.50 band we are headed for the 43 - 42 area for sure on USDINR. What patterns we make on our way will be interesting to watch. Right now we are just about at the terminus of the previous wave IV, lets see if we are offered any support here.

About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

4 comments:

Anonymous4 February 2012 at 22:20
This system is called what?
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Praveen Vishnu Shamain5 February 2012 at 21:22
That "Anonymous" must be from planet Mars :)
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Saturday, February 04, 2012

INR rally is at imp resistance area !

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