This is a daily chart for USDINR. We saw the weekly chart in our last post on USDINR, we were in the last wave V of this up move. This daily chart studies the wave V internals in detail. We can spot a wave (IV) in progress, and we can see that there is more upside left still for the dollar. INR could touch the levels of 60 in this uptrend, if this particular set of wave count plays out. After that of course we can expect a pause in the dollars strong up trend. But once again, since I don't track the fundamental and news side of the markets, I am not sure how bad things could get with the global economy. If it continues to worsen, we might be in a subdividing third wave instead of the wave V. Or else we may see dollar getting resisted at levels around 60 on the INR and then ease back. This is my preferred count, and if anything were to happen to alter it, I would discuss the same in this blog. Right now, the downhill move of INR seems to continue, or should we say the strength of the dollar should continue for a while.
What software gives USDINR data like 60 min,daily, weekly, RSI etc...
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Manju
You can get excellent charts on www.netdania.com many more instruments other than usdinr on almost all time frames.
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