USD/INR

Last week USD INR May series opened at 50.15 & went up to 50.79 to mark high of the week .It then continued to decline till 49.885 to register as the low of the week & finally closed the week at 48.9575.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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EUR/USD
 Last week we had expected it to hit a low in the 1.29 to 1.295 range & then move upward.It exactly hit the low of 1.2884 & moved up to make a high of 1.33.Now we expect it to march towards the 1.47-1.50 range.In our opinion it will face resistance at 1.3391,1.3582 & 1.3762.We have very little hope that it will be able to cross 1.3762 in the current week.
 

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GBP/USD
We expect it not to breach 1.45 downside & try & move towards the 1.53.


 
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USD/JPY
Since it has breached 98.15 it has lost the potential of rising above the 101.45.As expected it has started journey towards 90 & we see 95.95 & 93.65 as support on downside for the current week.
 

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