#USDINR @ 83.2230 Indian Rupee attracts some buyers despite the stronger US growth number.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- Indian Rupee attracts some buyers despite the stronger US growth number.
Indian Rupee (INR) holds positive ground on Friday. The USD/INR pair loses momentum on the lower US Treasury bond yields despite the upbeat US Gross Domestic Product (GDP) figures. Nonetheless, the Indian Rupee remains sensitive to market sentiment and the Middle East escalating tension headline could limit the INR’s upside in the near term.
Market participants will keep an eye on the US Core Personal Consumption Expenditures Price Index (PCE), due later on Friday. Next week, the attention will shift to the Federal Reserve’s Federal Open Market Committee (FOMC) meeting. The markets anticipate FOMC to keep the interest rate unchanged at its meeting scheduled for November 2.Furthermore, the Reserve Bank of India (RBI) is set to meet with top bank officials next week to discuss the current liquidity condition in the banking system.
The Indian Rupee trades firmly on the day. The USD/INR pair trades within a range of 83.00-83.35. Meanwhile, the pair holds above the 100- and 200-day Exponential Moving Averages (EMA) on the daily chart, suggesting the upward bias remains intact for the pair.
That being said, any follow-through buying above 83.35 will see a rally to year-to-date (YTD) highs of 83.45. Further north, the next barrier will emerge at a psychological round mark at 84.00. On the flip side, the key contention level is located at 83.00, representing a low of October 20 and a round figure. A decisive break below the latter could see a drop to 82.82 (low of September 12), en route to 82.65 (low of August 4).
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
