- USD/INR Price Analysis: Bulls eye 38.2% Fibo near 75.10
Market news
6 January 2022
USD/INR Price Analysis: Bulls eye 38.2% Fibo near 75.10
- USD/INR is potentially in a phase of accumulation.
- Bulls will have their eyes on the 38.2% Fibo near 75.10.
The US dollar surged overnight on the hawkish Federal Reserve minutes. This has prompted a boost to USD/INR that appears to be in a phase of accumulation. The following illustrates the meanwhile prospects of a bullish correction in USD/INR as a consequence from a daily perspective:
USD/INR H4 chart
-637770377550614313.png)
As illustrated above, the price has been accumulating around 74.20/40 and the bulls could be encouraged to move in to clean up some of the imbalance of the recent price run, on a break of 74.60 in the coming days. The bulls could aim as far up as the 38.2% Fibonacci retracement area on the daily chart near 75.10:
-637770380679096216.png)
Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimerOpen Demo Account & Personal Page