USDUNR has been week due to global cues. All cross currencies are gaining opposite to USD which will help to strengthen the rupee in upcoming week. This week i will be bearish on USDINR for the TGT 66.5237 and 66.1413
According to my Elliott Wave count of USDINR, if I am correct ( being skeptical as EW count can be subjective, although all rules have been followed ) we are in minor wave A - of the Intermediate wave (3) - of the Primary wave 3 - of the Cycle wave V. A Bulling engulfing formed on a Weekly chart suggests we have completed minor wave A , which is also a Fibonacci...
Short at 64.70 Target 59.5 Stop 66.71 Risk to Reward: 1:2.5
A perfect hit to the upper descending trendline. Not overbought though, still it wasn't on the last two touches.
Range bound movement for a week, followed by appreciation in Indian currency