Market news
14.10.2022, 04:37

USD/INR Price News: Indian rupee cheers impending rising wedge above 82.00

  • USD/INR is looking to extend the previous rebound amid hawkish Fed bets.
  • Investors await India’s inflation after hotter CPI data from the US.
  • The pair eyes daily close to confirming a rising wedge breakdown.

USD/INR is looking to build on Thursday’s late-rebound on the final trading day of the week, as the US dollar attempts a tepid bounce despite weaker Treasury yields and an extended risk-on rally in the Asian stocks.

Meanwhile, rising oil prices combined with hotter US inflation-led expectations of Fed rate hikes could limit the further upside in the spot. Attention now turns towards the Indian Whole Sale Price Index (WPI) release ahead of the US Retail Sales and UoM Consumer Sentiment data for fresh trading impetus on the spot.

USD/INR: Technical outlook

At the time of writing, USD/INR is posting minor gains near 82.30, having breached the rising trendline support at 82.32. Bears, however, need a daily closing below the latter to confirm a rising wedge breakdown on daily sticks.

Although the 14-day Relative Strength Index (RSI) is inching towards the overbought zone above the midline, contracting the looming rising wedge formation.

If bulls manage to recapture and sustain above the aforesaid critical support-turned-resistance at 82.32, the next upside target is seen at the 82.50 psychological level.

In case of a downside break, Thursday’s low at 82.02 will offer immediate support. A breach of the last will kick off a fresh downswing towards the bullish 21-Daily Moving Average (DMA) at 81.45.

USD/INR: Daily chart

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location