USD/INR Price Analysis: Bears taking on the last defence
|- USD/INR bulls stepping in at critical daily support.
- A 50% mean reversion could be on the cards for the starting sesisons of the week.
USD/INR has been a slow-burning grind to the downside for the past several days and is now testing a critical layer of support as the last defence until a break of 74 the figure.
The bulls, however, could be seen here and a retracement to test the 74.40s could be on the cards for the forthcoming sessions. The following illustrates the landscape and prospects of a significant correction on the daily chart:
USD/INR daily chart
There is a 50% mean reversion level that has a confluence of the prior support, at least from a closing basis, located near 74.40. A test there could be on the cards for the sessions at the start of the week before bears engage in force again.
With that being said, should the US dollar continue to slide, then bears will be keen to see a break of the 74 level that will expose 73.80support, an eara that should significant trading activity throughout the Sepetember business of this year.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.