The fall from 69.05 was very impulsive post double top@68.80-69.05 Zone, which completed wave 3 at 261.8% of wave 1 distance. Looking for a retracement in wave 4- which travels 38.2% at 65.85 levels.
The zone of 65.80-65.95 is prior support zone which can be retested & can form resistance for USDINR.
Looking at the structure, Nifty is in hold of Bulls- who are not ready to leave. So, post retracement to 65.80-65.95 -if happens & dollar rupee starts falling as cited above, then Nifty could resume its upmove post current consolidation or small correction for new highs next.
Trading Strategy
Looking for the push in the zone 65.80-65.95 & getting resistance from earlier support zone is the minimum move which it should travel next. We will take USDINR move in parts - first till 64.95-65.00 Zone & Later above 65 for 65.40-65.50 -Above 65.50 for 65.80-65.95
The zone of 65.80-65.95 is prior support zone which can be retested & can form resistance for USDINR.
Looking at the structure, Nifty is in hold of Bulls- who are not ready to leave. So, post retracement to 65.80-65.95 -if happens & dollar rupee starts falling as cited above, then Nifty could resume its upmove post current consolidation or small correction for new highs next.
Trading Strategy
Looking for the push in the zone 65.80-65.95 & getting resistance from earlier support zone is the minimum move which it should travel next. We will take USDINR move in parts - first till 64.95-65.00 Zone & Later above 65 for 65.40-65.50 -Above 65.50 for 65.80-65.95
Trade active
18:41 Hrs 15th May2017Last Price@64.08
It turned down from earlier resistance zone of 64.70-64.80 - once it crosses & sustains above 64.80 - In that scenario we will expect a move till 65.70-65.80 as suggested above in parts.
Trade active
20:43 Hrs 18th May2017Last Price@64.90
We got first part above 64.70 to 65.00 & above 65 to 65.25 (partial target).
Trade active
18:22 Hrs 23rd May2017Last Price@64.81
Above 65.23 -recent high from where it had a fall & doing sideways. Once it crosses 65.25 - Next zone shall be 65.80-65.95
Trade active
13:45 Hrs 5th June2017Last Price@64.35
Only above 65.25 we move next else .......
Trade active
15:51 Hrs 2nd Aug2017Last Price@63.77
Impulsive sequence 1-2-3-4-5 looks to be in final touch and moving next will decide the gamut of markets & can be crucial clue for equity markets as well.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.