USD/INR Technical Analysis: Bullish bias intact
The path of least resistance for the USD/INR pair is to the higher side. The 4-hour chart shows the pair is breaking higher from the bull flag, signaling a continuation of the move higher from the recent lows near 71.24.
The flag breakout has opened doors for a rally to 72.48 (target as per the measured move method). On the way higher, the pair may encounter resistance at the Nov. 29 high of 71.8680.
USD/INR pulls back from nine-day high as news from S&P dims risk-off, RBI in focus
USD/INR drops to the intra-day low of 71.71 during the initial trading session of the Indian markets on Wednesday. The pair earlier surged to the nine-day high amid increasing global trade pessimism. Though, news from S&P offered a sigh of relief to the Indian traders.
As per the tweet from India’s Economic Affairs Secretary Atanu Chakraborty, the global rating agency S&P reaffirmed the sovereign rating of India at BBB- with a stable outlook. The news received a good response from Indian rupee (INR) Bulls as another rating giant, Moody’s, cut the Asian nation’s credit rating outlook to negative during last month.
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