22 Jul 2020 ● 07:19 AM
I don't have a very good wave count for USDINR. The currency pair has deviated from the dollar index a couple of times. Prices are now close to the weekly Bollinger band at 74.20 and the trendline of the last 2 lows near 74.38. If it finds support in the trend it is possible that an X wave is still in formation and wave c of x up develops from these levels. But this is not a certainty given that the dollar is falling relentlessly. A breakdown could extend the decline and wave counts would have to be calibrated accordingly.