USD/INR: Buyers flirt with multi-week top ahead of India WPI

  • USD/INR seesaws around 10-week high as Indian markets open on Thursday.
  • Trade/geopolitical tension question the market’s risk tone ahead of the busy calendar.
  • Indian WPI will trigger the catalyst flow that travels through Powell’s testimony and Fedspeak.

Following initial uptick to the highest since September 04, USD/INR pulls back to 72.22, during Thursday’s pre-European session, as traders await Indian WPI data for fresh impulse.

While the uncertainty surrounding the US-China trade deal was already weighing on the market sentiment, also supporting the US dollar (USD), recent political tension between the United States (US) and China concerning Vietnam adds to the market’s rush towards the greenback.

Also on the risk-negative side is the escalation of protests in Hong Kong for the fourth consecutive day. Protesters keep blocking the transportation means and injure citizens in the Asian country for multiple days in a row, which in turn pushes the government to extend the suspension of schools till this weekend.

On a bit distant note, China’s downbeat Industrial Production and Retail Sales data for October also contribute to the USD strength.

Elsewhere, the US 10-year Treasury yields take rounds to 1.9% while S&P 500 Futures and most of the Asian stocks are in the red by the press time.

Traders now look forward to India’s October month WPI Inflation, expected 0.0% versus 0.33% prior, for fresh direction. However, major market attention will be on the trade/political headlines ahead of the US Federal Reserve Chairman Jerome Powell’s second day of Testimony and comments from some other Fed speakers.

Technical Analysis

Unless breaking 72.40 on a daily closing basis, September month high near 72.65 and 73.00 are far from bull’s reach, which in turn highlights the risk of a pullback to mid-October top near 71.80.

Additional important levels

Today last price 72.1602
Today Daily Change -0.0413
Today Daily Change % -0.06%
Today daily open 72.2015
Daily SMA20 71.0651
Daily SMA50 71.154
Daily SMA100 70.6024
Daily SMA200 70.1974
Previous Daily High 72.214
Previous Daily Low 71.6525
Previous Weekly High 71.6
Previous Weekly Low 70.4975
Previous Monthly High 71.79
Previous Monthly Low 70.6425
Daily Fibonacci 38.2% 71.9995
Daily Fibonacci 61.8% 71.867
Daily Pivot Point S1 71.8313
Daily Pivot Point S2 71.4612
Daily Pivot Point S3 71.2698
Daily Pivot Point R1 72.3928
Daily Pivot Point R2 72.5842
Daily Pivot Point R3 72.9543



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