The USD/INR (Indian Rupee) pair triggered a bullish wedge pattern recently and entered into a consolidation.
The price is now trading near the 38.2% Fib level which aligns with a horizontal support level, signaling a potential continuation of the underlying downtrend.
Notice that the pair hasn't reached the profit target projected by the wedge pattern yet,...
USDINR seems to have completed a 5 wave move as per ending diagonal pattern shown as 1-2-3-4-5, and also an impulse wave of higher degree shown as (1)-(2)-(3)-(4)-(5). Can expect a fall to 70.41 by 30/08 - 04/09
A move above 72.30 invalidates the pattern.
Wave count in Nifty too supports short term weakness.
> USDINR touched the upper 100-MA and it is tumbling down which will attract new short positions.
> 70.6 seems the first target to aim at.
> downside is, if the price gets above the MA it might lose the momentum.