- USD/INR is potentially in a phase of accumulation.
- Bulls will have their eyes on the 38.2% Fibo near 75.10.
The US dollar surged overnight on the hawkish Federal Reserve minutes. This has prompted a boost to USD/INR that appears to be in a phase of accumulation. The following illustrates the meanwhile prospects of a bullish correction in USD/INR as a consequence from a daily perspective:
USD/INR H4 chart
As illustrated above, the price has been accumulating around 74.20/40 and the bulls could be encouraged to move in to clean up some of the imbalance of the recent price run, on a break of 74.60 in the coming days. The bulls could aim as far up as the 38.2% Fibonacci retracement area on the daily chart near 75.10:
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