USD/INR Update: Moderate correction


12 JUL 2018

Prices have reached the major pivots of 2013, 2016 and 2017 around 68.70/68.90. We expected a break above these pivots, but is looks like the market doesn’t have enough momentum at this point. Significant divergence on the daily chart suggests a move back to the range 67.25<>66.85 before a second breakout attempt can be expected.

Exit-long and monitor developments once support is reached. The long-term outlook only turns sour well below ~66.50.

  • Near term trend: neutral
  • Long term trend: neutral/positive
  • Outlook: lack of momentum, moderate correction
  • Strategy: exit-long and avoid
  • Support:  67.25 / 66.55 / 65.47-
  • Resistance: 68.90 / 73.05*

Chart US Dollar / Indian Rupee