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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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