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- USD/INR: Indian Rupee may have gone far enough, 75.60/70s eyed
USD/INR: Indian Rupee may have gone far enough, 75.60/70s eyed
- USD/INR is dubiously bid on the longer-term charts and is due for a correction.
- The weekly chart is compelling due to the reversion pattern that has formed.
USD/INR on a weekly basis has shot higher as the Federal Reserves picots on its inflation outlook and the need to taper at a faster pace which raises prospects of interest rate hikes. However, the price is overextended by relative terms and the Weekly W-formation is a reversion pattern:
Weekly W-formation
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As illustrated above, there has been a series of W and M-formations that have been highlighted. Note that each of them forming was followed by a reversion to the neckline and beyond. The current formation is overextended, so we may only see a particle reversion. Typically, the 38.2% Fibonacci retracement level is targetted and in this case, this has a confluence with the prior resistant looking left. This is located near 75.60/70 areas.
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