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- USD/INR Price News: Indian Rupee bulls making headway on potential flag breakout
USD/INR Price News: Indian Rupee bulls making headway on potential flag breakout
- USD/INR bulls breaking the flag resistance on a daily basis.
- Above 0.7440, the bias remains bullish as US dollar firms.
As illustrated in analysis at the start of the week, USD/INR was contained in a flag pattern as it moved towards the support area as marked an eclipse. However, we are starting to see signs of a breakout and the following is an analysis of the US yields and dollar supporting a bullish bias for the week ahead.
USD/INR daily charts
Before...
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After...
-637708102222957178.png)
On the downside, however, the price would still need to break below 0.7440.
DXY daily charts
It was explained that the US dollar was meeting a critical support structure which would be expected to hold and potentially lead to a break back towards 94.50.
Before...
After...
It was also explained that a move higher would be more probable should the US yields continue to climb in the current bullish form of late as follows:
Before...
The US 10-year yield continues to climb in a classic impulse, correction, impulse shape and the current dynamic trendline support have been closed in upon, so this lead to the next bullish impulse:
After...
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