#USDINR @ 83.0610 Indian Rupee loses ground on a firmer USD amid upbeat US economic data.
…
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 loses ground on a firmer USD amid upbeat US economic data.
Indian Rupee (INR) loses traction against the US Dollar (USD) on Wednesday. Global factors including rising US Treasury bond yields and oil prices might weigh on market mood. Investors remained worried about the higher-for-longer rate narrative as Federal Reserve (Fed) Chair Jerome Powell said that the economy’s resilience and tight labor markets may require tighter conditions.
Meanwhile, the geopolitical conflicts in the Middle East continue to hang over the market. Any sign of escalating tension might exert selling pressure on the Indian Rupee. Traders will monitor India’s Balance of Payments for the second quarter (Q2) and the preliminary estimate of the US Q3 Gross Domestic Product (GDP) on Thursday. Fed officials will not deliver any speeches this week due to the blackout period ahead of the FOMC meeting on November 1.
The Indian Rupee trades mildly negative on the day. The USD/INR pair remains well-supported above the 83.00 psychological mark. That being said, a breach of the level would see a drop to 82.82 (low of September 12), followed by 82.65 (low of August 4). On the flip side, the immediate upside barrier to watch is 83.15. The additional upside filter is seen at 83.30 (high of October 4), and the all-time high around 83.45. It’s worth noting that the pair holds above the key 200-day Exponential Moving Average (EMA) on the daily chart, indicating the path of least resistance for the USD/INR pair is to the upside in the short-term.
[/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
