USD/INR Price Analysis: Indian rupee finally reached the 74 area
|- USD/INR bulls take charge and run into a wall of resistance.
- The 74 area has been achieved following a long period of consolidation.
Following a number of consecutive day's of analysis, the Indian rupee has finally broken into the 74 areas. For a moment there, it was looking as though the bears were on the verge of a downside weekly extension:
However, that wasn't to be, (yet) as the US dollar moves to fresh 10-month highs as the Federal reserve sentiment for rate increases gets priced by the markets.
USD/INR daily chart
As illustrated, the pair has shot higher as EM-FX gets battered by the risks of higher inflation in the US and the Fed's response.
However, it may take some follow through on that narrative to push this beyond what is expected to be firm resistance at this juncture. If there are failures to move higher, the weekly chart will be back in focus for a move to the downside in the weeks ahead.
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.