USD/INR
Last week USD INR April series opened at 50.05 & went up to 50.20 to mark high of the week .It then continued to decline till 49.02 to register as the low of the week & finally closed the week at 48.89.In terms of Elliot wave theory it is in the terminal stage of down move. Stated simply it is in last leg of decline & as soon as it is over it will start rising again. We expect this final down leg to complete in the range of 48.60 to 48.20.We therefore advise to go short very lightly with strict stop & any sharp rally on upside should be followed religiously.
 


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EURO/USD
Last week  it oscillated in 1.3391 & 1.3017 range but closed near to the low of the range at 1.3042.We are of the view that it has still some steam left for down move which may take it to 1.2950 to 1.2900 range & then it will commence it’s upward journey towards intermediate term target of 1.47 to 1.50.

 

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GBP/USD
As expected it did not breach the low of the last week & went up to make the high at 1.5065 & then declined. The moment it crosses 1.4807 it will attempt towards the 1.53.

 

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USD/JPY
Till it does not breach 98.15 it has the potential of rising above the 101.45 & make a new high above this.It will then start the journey on downside.

 

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