THE FUTURE OF RUPEE

WAVES.FOREX introduces the rupee futures today. The recently introduced emerging market currency futures, should see a wide interest, as emerging markets get back into the news. We continue to bet on the FUTURE of RUPEE. The current formation looks like a corrective to us, which should resolve lower at least on the minor time frame. Our PREFERRED view still considers a multi month topping view on most emerging market pairs that we track here, specially EURRON and Indian Rupee.
EURRON also remains at a key juncture as spot prices retest previous highs. EURRON FUTURES however have breached previous highs. This is despite the DAILY KEY REVERSAL bar. We are still looking down on EURRON back to 4.25 levels, a weekly closing above 4.37 will challenge our PREFERRED negative view and force us to look at 4.7 before anything. This at this stage is a low probability scenario.
Market topping is always tricky and catching a top isn’t easy. Top is full of spikes and confusion. A retest of previous high and confusion around current levels do indicate that we are forming a sizeable top. Above this we have historic negative sentiment surrounding the asset class.
Other pairs that we track like EURO DOLLAR continues to head lower. A push below 1.3 pushes the pair back into negative territory validating our intermediate view that it is not yet over for DOLLAR strengthening (THE DOLLAR TRIANGLE). Member’s who study our work on bottoming GOLD will also be able to appreciate intermarket relationships working in favor of an impending leg of DOLLAR strengthening. The report also carries ANTICIPATED and HAPPENED cases on JAPANESE YEN, RON DOLLAR, BRITISH POUND and EURCHF.
Enjoy the latest WAVES.FOREX.
[bold]WAVES.FOREX[/bold] is a perspective product published five days a week. The report highlights the top traded FOREX PAIRS (eg. EURO USD, DOLLAR INDEX, YEN USD, Indian Rupee, Romanian Lei, Swiss Franc, Hungarian Forint, Croatian Kuna, Canadian Dollar). The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools and sentiment indicators.
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