Currencies

USD to INR: Can Indian Rupee Sustain $64.00 VS US Dollar?

USD to INR is slowly recovering above $63.00. However, the US Dollar might gain pace and move above $64.00 against the Indian Rupee.

USD/INR Chart Analysis

Looking at the 4-hour chart of USD/INR, there is a major resistance forming near $64.00. There is a bearish trend line positioned at $64.00-64.05 along with the 100 simple moving average.

Moreover, a break above the 50% Fib retracement level of the last decline from the $64.29 high to $63.73 low could open the doors for an extension towards $64.50.

USD/INR Indian Rupee Forecast

Can US Dollar make it Vs Indian Rupee?

It all depends on whether there can be a proper close above the $64.00 handle or not. We may still continue to see ranging moves before there is a nasty break either above $65.00 or below $63.00.

All tensions surrounding North Korea could impact the USD/INR prices in the near term.

Today, BSE Sensex was down by more than 300 points and traded as low as 31,372 (as of writing).

 

Trade safe traders and enjoy the ride!!!

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3 Comments

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