USD/INR
Last week USD INR May series opened at 49.80 & went down to 49.77 to mark low of the week .It then continued to rise till 50.6950 to register as the high of the week & finally closed the week at 50.23.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

In the intermediate term it is heading for the 1.47-1.50 range.Last week due to many holidays it could not run up to the level of our expectation.During the current week we see it on upside hitting the targets like 1.3510 ,1.3615 & 1.3710.


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 GBP/USD
We expect it not to breach 1.46 downside & try & move towards the 1.53.

 

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USD/JPY
Our intermediate term target is below 90 & it has commenced its journey towards that. For the coming week it may find good support at 99.06 but the downside momentum is strong.


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