USD/INR: Bull breakout ahead of Fed policy meet

USD/INR is looking north, having witnessed a bullish breakout on Jan. 18.
Hawkish Fed could drive the pair above 72.00

Omkar Godbole FXStreet Contributor

The USD/INR pair jumped 0.46 percent on Tuesday, putting the focus back on the falling wedge breakout confirmed on Jan. 18.

Put simply, the bulls look to have regained control ahead of the FOMC rate decision. The US central bank is widely expected to keep rates unchanged.

The pair could rise well above 72.00 by the end of the week if Fed's Powell downplays recent reports of central bank planning to end its quantitative tightening program sooner-than-expected.

The rupee could also come under pressure if the Indian government gives a populist budget on Friday.

Technical Levels

USD/INR

Overview:
    Today Last Price: 71.355
    Today Daily change: -0.0400 pips
    Today Daily change %: -0.06%
    Today Daily Open: 71.395
Trends:
    Daily SMA20: 70.7081
    Daily SMA50: 70.688
    Daily SMA100: 71.8203
    Daily SMA200: 70.2126
Levels:
    Previous Daily High: 71.47
    Previous Daily Low: 71.015
    Previous Weekly High: 71.535
    Previous Weekly Low: 70.865
    Previous Monthly High: 72.82
    Previous Monthly Low: 69.505
    Daily Fibonacci 38.2%: 71.2962
    Daily Fibonacci 61.8%: 71.1888
    Daily Pivot Point S1: 71.1167
    Daily Pivot Point S2: 70.8383
    Daily Pivot Point S3: 70.6617
    Daily Pivot Point R1: 71.5717
    Daily Pivot Point R2: 71.7483
    Daily Pivot Point R3: 72.0267

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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