USD/INR

Last week USD INR May series opened at 49.25 & went down to 49.06 to mark low of the week .It then continued to rise till 50.10 to register as the high of the week & finally closed the week at 49.56.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.However the last week election results may strengthen the rupee & if it breaches the 48.20 then it may find support at 47.50.As shown in the chart it is moving down in a downward sloping channel & we can presume it in downward trend as long as it moves below the upper resistance line. When the channel breached on upside the downtrend termination will be confirmed.



 

EUR/USD
In the intermediate term it is heading for the 1.47-1.50 range. Last week we expected it on upside hitting the target in the range of 1.41-1.43 & it hit 1.3721 & went into consolidation to close at 1.3481.Our assessment for the coming week it is near the completion of consolidation phase & may not breach 1.34 on downside & on upside it will attempt to surpass the 1.3721.


 

GBP/USD
Last we had expected it touch the 1.57-1.58,however it made the high of 1.5352 & went into the consolidating phase. During this consolidation phase it made the low of 1.5052 & started rising again. This week it may surpass the 1.535 & may land in 1.54 -1.55 range.

USD/JPY
Last we said that after touching the 99.73 it has started declining with the high momentum & it may ouch the 95.5.It did the exactly same thing & made the bottom of 94.73.Though our intermediate term target is below 90,for the coming week we expect it to consolidate in the 94.5 -96.5 range before declining further.