04:08:49 17-09-2021
USD/INR Price News: Bulls and bears battle it out in corrective phase
- USD/INR bulls target the 74 figure while bears look to the 73 figure.
- The W-formation is compelling on failures below recent lows.
USD/INR continues to correct the daily bullish impulse made at the start of the month and the following illustrates both a bullish and bearish scenario from a daily perspective.
USD/INR daily chart, bullish scenario
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The price if USD/INR has made a 50% mean reversion and could be subject to a bout of demand which would be expected to see it move in on the prior daily support near 74 the figure.
USD/INR daily chart, bearish scenario
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On the other hand, the price of USD/INR is being resisted and considering the W-formation, the bears could target the neckline near 73.15.