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24 Dec 2021
USD/INR Price News: Indian Rupee drops hard into daily support, 75.50s eyed
- Indian Rupee takes on the US dollar in a sharp move.
- USD/INR bulls could be looking to step in for a scalp towards prior H1 resistance.
In a risk-on environment, USD/INR has suffered a very hard landing into a daily support structure and the following illustrates the prospects of near term correction in holiday thin markets.
USD/INR daily chart
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As illustrated, there is now some room for a correction from the daily support structure that could target the prior highs looking left that have confluence with the 38.2% Fibonacci retracement level. This is located near to 75.60.
USD/INR H1 chart
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From an hourly perspective, the price has already rallied to the 61.8% Fibo of the hourly impulse. If this breaks, then the bulls will be well and truly in control. 75.50s will be eyed.