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- USD/INR Price News: Indian Rupee bulls home in on 75 the figure
USD/INR Price News: Indian Rupee bulls home in on 75 the figure
- USD/INR bulls are in charge, breaking the inverse H&S's neckline.
- 75 the figured is eyed ahead of a 50% mean reversion to 75.20.
USD/INR has been a strong performer since the midpoint of the month with the bulls running through the 73 and 74 areas with 75 the figure in their sights.
The following illustrates the market structure in a weekly and daily analysis as the countdown to the Federal Reserve outcome begins.
USD/INR weekly chart
The bulls are in charge here having already piled in from the trendline support and there are prospects of a continuation towards a 50% mean reversion near 75.20. The 61.8% Fibonacci retracement aligns with the prior structure near 75.50 thereafter.
USD/INR daily chart
The daily chart's inverse head and shoulders are compelling with the price breaking the neckline and well en route to the 38.2% Fibonacci retracement level. The structure to the upside aligns with 75 the figure just ahead of the 50% mean reversion around 75.20.
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