News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Low
High
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • $EURUSD has been climbing gently in the past few days after its recent steep falls. However, that was probably just position-squaring ahead of further weakness. Get your market update from @MartinSEssex here: https://t.co/xbpJIMsy0z https://t.co/zFzWfoAG2N
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/3vnThmcyty
  • 6 out of 9 Dow Jones sectors ended higher, with 73.3% of the index’s constituents closing in the green. Healthcare (+1.48%), information technology (+1.47%) and consumer discretionary (+1.15%) were among the best performers, while consumer staples (-0.36%) lagged behind. https://t.co/lTlqFGhB3V
  • Build your EUR/USD strategy with key trading techniques. Get your free insight here.https://t.co/8AxPEkO20H https://t.co/SaZk74yhA9
  • $USDMXN is keeping nicely to its descending trendline, aiming below the 20 pesos mark in the short-term. Get your market update from @HathornSabin here: https://t.co/QwHGHAPGgI https://t.co/ud5X4JasOG
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/QoIoOpg7De
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST (12:30GMT) on DailyFX! - https://t.co/lxd5fZnn4H
  • The $AUDUSD chart is tilting towards lower levels, will need to round the corner soon to turn outlook bullish. Get your market update from @PaulRobinsonFX here: https://t.co/iOpjZyKCUu https://t.co/PNujRmbnPF
  • A forex trader is strategic, disciplined and always switched on to the markets. Learn how to build an FX mindset here: https://t.co/tB3aAErd70 https://t.co/F0sw8vDx5k
  • The Nasdaq 100 index has likely formed an inverse “Head and Shoulders” pattern, which is typically viewed as a bullish trend reversal indicator. Prices may advance further to challenge their all-time highs. Get your market update from @margaretyjy here: https://t.co/tvkE2y6X03 https://t.co/nxxMZFB3Pu
US Dollar, Rupee Outlook: USD/INR Rate May Rise as Nifty Falls

US Dollar, Rupee Outlook: USD/INR Rate May Rise as Nifty Falls

Daniel Dubrovsky, Strategist

Indian Rupee, USD/INR, Nifty 50 - Talking Points

  • Rupee at risk after Indian industrial production shrank by most since 2011
  • USD/INR may resume former uptrend after break above triangle formation
  • Nifty 50 looking increasingly at risk to a top after a bearish reversal hint

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

Indian Rupee Fundamental Outlook

The Indian Rupee has been falling against the US Dollar lately, as anticipated in my USD/INR outlook. India is becoming increasingly vulnerable to a teetering banking sector as the US-China trade war threatens global growth. These fundamental developments have led to aggressive easing from the Reserve Bank of India (RBI), which cut rates five times so far this year. The government also delivered fiscal support via corporate tax cuts.

Growing concerns about the local economy have been underscored over the past 24 hours. Indian industrial production unexpectedly shrank 4.3 percent y/y in September against estimates of a 2.5% contraction. August’s decline was also revised weaker form -1.1% to -1.4%. Looking at the immediate chart below, this has resulted in the worst decline in industrial production since October 2011, almost 8 years ago.

There is more key data due ahead. On Wednesday, Indian CPI is expected to rise 4.35 percent y/y in October from 3.99% prior. A softer-than-expected result may continue fueling near-term RBI easing bets with the next interest rate announcement on December 5. Until then, the USD/INR remains tied to developments in US-China trade talks given its importance to Emerging Market assets.

For updates on the Indian Rupee and USDINR, you may follow me on Twitter here @ddubrovskyFX

US Dollar, Rupee Outlook: USD/INR Rate May Rise as Nifty Falls

Indian RupeeTechnical Outlook

USD/INR has closed above the top of a Descending Triangle chart pattern, opening the door to a resumption of the uptrend that took place from July to late August. While this is usually a bearish setup that comes into play after a close under the floor, a breakout above the ceiling can signal the opposite given confirmation.

Near-term resistance stands in the way as the October high at 71.72. A push above this price could pave the way for a retest of peaks from December 2018. This is a range between 72.13 and 72.55. Keeping the uptrend intact may also be a rising support line from July.

USD/INR Daily Chart

US Dollar, Rupee Outlook: USD/INR Rate May Rise as Nifty Falls

USD/INR Chart Created in TradingView

Nifty 50 Technical Analysis

This is as the Nifty 50 - India’s local benchmark stock index - looks increasingly vulnerable to a reversal from a technical standpoint. An Evening Star candlestick pattern emerged at the most recent peak under 12100. This is a bearish pattern that with confirmation, could pave the way for a turnaround of the dominant uptrend from late September. A daily close under rising support could pave the way for this – red line below.

Nifty 50 – Daily Chart

US Dollar, Rupee Outlook: USD/INR Rate May Rise as Nifty Falls

Nifty Chart Created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES