USD/INR Price News: Indian rupee bulls step in at critical daily support
- USD/INR bears denied at critical daily support, focus is on the upside.
- Bulls are seeking a break of dynamic trendline resistance.
As per the prior analysis, USD/INR Price News: Indian rupee drops to test critical daily support, where it was stated that ”we could see a resurgence in the US dollar, but that it will now depend on the prospects of interest rate hike timings from the Federal Reserve, the greenback has indeed firmed.
The following illustrates the current trajectory of the Indian rupee vs the greenback and the daily market structure within a bullish flag that still has room to play out and lead to an upside sure in USD/INR.
USD/INR Prior analysis, daily chart
The price has been in a phase of distribution that move all the way into the late Sep resistance stricture that had been expected to act as support. The following has since occurred since that analysts:
USD/INR update, daily chart
At this juncture, the focus is on the upside and the dynamic resistance, A break of both the horizontal and trendline will likely give rise to a significant breakout to the upside. All now will send on today’s US Nonfarm Payrolls report.