We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.72%, while traders in US 500 are at opposite extremes with 71.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fRKIEW9Qe9
  • Heads Up:🇪🇺 EUR German Unemployment Claims Rate s.a. (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 5.1% Previous: 5.0% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇪🇺 EUR German Unemployment Change (000's) (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 25.0k Previous: -10.0k https://www.dailyfx.com/economic-calendar#2020-03-31
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.54% Silver: 0.77% Gold: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3CdfglYP4g
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/yuEA4wdlS9
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.06% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.17% 🇨🇭CHF: -0.48% 🇯🇵JPY: -0.61% 🇬🇧GBP: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hOyPH71ZfE
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.85% France 40: 1.47% US 500: 0.46% Wall Street: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UxILaRvSdH
  • 🇨🇭 CHF Retail Sales Real (YoY) (FEB), Actual: 0.3% Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/6k1KCuxr50 Some of the topics discussed were: - #coronavirus economic impact - #Fed #QE as catalyst for AUD rise - scope for renewed #USD gains
  • RT @DailyFXEspanol: Análisis del $XAUUSD: El precio del oro se estanca, ¿qué nos dice el gráfico? #trading #covid19 https://t.co/7x2Zdt0AnA…
USD/INR seen at 62.73 in next couple of weeks

USD/INR seen at 62.73 in next couple of weeks

2014-01-24 21:48:00
Research, Research Team

Main Points

  • Bullish reversal expected in USD/INR
  • Tough resistance seen around 62.00
  • The pair is very likely to extend gain up to 62.73, thus printing a higher high
  • Indian central bank is expected to keep interest rate unchanged on Jan 28
  • FOMC may go for back to back tapering in January meeting

USD/INR was closed at 61.61 on Friday with a hammer sign originating from 200 Daily Moving Average (DMA) which is considered a good indication of bullish reversal.

The pair is likely to find a tough resistance around 62.02 which is a triple confluence zone because 38.2% fib level, 100 DMA and 55 DMA all are sitting in around the same level. It is also very close to psychological level 62.00. Moreover the level also joins upper trendline resistance. All these factors make it a very strong hurdle for bulls as shown in following daily chart.

usdinr_indian_rupee_body_Picture_2.png, USD/INR seen at 62.73 in next couple of weeks

A break and close above 62.00 handle may push pair into relatively stronger bullish momentum targeting 62.38, 50% fib level and then 62.73, a very major resistance due to couple of reasons. First 62.73 is 61.8% fib level and second it is the first notable resistance above previous wave’s swing high. On downside, support is seen around 61.35 i.e. 200 DMA ahead of 61.00, psychological level and only notable level near to previous wave’s swing low.

As per swing analysis I see USD/INR at 62.73 during next couple of weeks as shown below;

usdinr_indian_rupee_body_Picture_1.png, USD/INR seen at 62.73 in next couple of weeks

As you can see pair printed a Higher Low [provided bullish reversal is on) so now a Higher High is very much likely according to typical wave behavior.

Fundamentals also highlight the downside risk in Indian currency just as technicals indicate. Central bank monetary policy meetings are going to be held in both India and the United States on Jan 28. Interest rates are likely to be kept unchanged by both the central banks. However, there are bright chances that Federal Open Market Committee (FOMC) may decide yet another tapering in monthly bond purchase program which is now worth $75 billion per month. The decision is expected after a sharp fall in December jobless rate that was stood at 6.7% in December, the lowest level since recession engulfed the US economy in 2008. Inflation also remained well below Fed 2% target last year.

Earlier the Indian Rupee had nosedived to 69.14 against greenback, an all-time low level, in August last year due to concerns that the US central bank may scale back stimulus earlier than previously thought. Indian currency, however recovered sharply due to emergency measures taken by the Reserve Bank of India (RBI) and its tight monetary policy stance.

Despite above mentioned measures analysts still believe that Indian Rupee will remain vulnerable against American dollar throughout the course of current year amid account deficit situation, pessimism about economic growth of the Asian nation, and reduction or a complete end of monthly asset purchase program by the US central bank this year which may strengthen the US dollar.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.