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USDINR

27 Jul 2020 ‚óŹ 01:58 AM

USDINR is close to a weekly support level and for a while I've been writing about a possible bounce. While it did pull up for last 23 days if it declines now below the low of 74.50 the move will appear like a 5 wave decline and may entail the following change in wave count. I would Mark the X wave complete at the recent high of 75.52 and consider the fall from there as wave a of the next leg down. This would be an initial indication that the weekly supports may break in the weeks ahead.

USDINR 270720

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