Ascending triangle breakout in USDINR
A chart says more than a thousand words!
As the technical analysis suggests, The #usdinr is once again all set to give a bullish breakout of an ascending triangle pattern.
Here are three fundamental reasons that can also support this breakout.
- Federal Reserve's preferred inflation indicator, The US core PCE price index has increased by 4.7% annually, beyond market estimates of 4.3% and rising from December's rate of 4.6%.
- FOMC minutes signal that policymakers will increase interest rates and keep them higher for longer to tame unsustainable price growth.
- A fall in the Indian foreign exchange reserve from 575.27 billion to 561.27 billion this month and rising US bond yields will also strengthen the dollar against the Indian rupee.
Note: This post is only for educational purposes. Trade at your own risk.
#forex #usdinr #trading #technicalanalysis
#federalreserve #newsupdate #interestrates #inflation
As the technical analysis suggests, The #usdinr is once again all set to give a bullish breakout of an ascending triangle pattern.
Here are three fundamental reasons that can also support this breakout.
- Federal Reserve's preferred inflation indicator, The US core PCE price index has increased by 4.7% annually, beyond market estimates of 4.3% and rising from December's rate of 4.6%.
- FOMC minutes signal that policymakers will increase interest rates and keep them higher for longer to tame unsustainable price growth.
- A fall in the Indian foreign exchange reserve from 575.27 billion to 561.27 billion this month and rising US bond yields will also strengthen the dollar against the Indian rupee.
Note: This post is only for educational purposes. Trade at your own risk.
#forex #usdinr #trading #technicalanalysis
#federalreserve #newsupdate #interestrates #inflation