September 21, 2023

Indian Rupee bulls stepping in, 74.80s eyed

  • USD/INR is consolidating following a series of downside impulses on the daily chart.
  • Should support hold at this point, then there will be a focus on prior support near 74.80. 

USD/INR bulls recently stepped in to support what was a strong surge to the downside following a month of losses. The following illustrates the current market structure and potential course for the Indian Rupee for the days ahead. 

USD/INR daily chart

As illustrated, the price of USD/INR has revisited the trendline breakout area and is now at a critical juncture from which structure would be expected to act as support in the near term.

The price would subsequently be anticipated to correct higher prior to the next impulse to the downside. The 61.8% Fibonacci retracement level is compelling near to 74.80 where it meets a prior support area established in late November. 

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