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
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
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