The Indian Rupee has been gaining alongside the Nifty 50. Now, both the USD/INR and the index face key technical levels to see if their momentum can last in the week ahead. Get your market update from ddubrovskyFX here:
since March. Now, USD/INR is facing its next key test to resume the near-term downtrend. A bullish Falling Wedge chart pattern seems to be brewing. A breakout above could open the door to extending the broader uptrend since 2021. This is as prices were unable to pierce through the 100-day Simple Moving Average.
Immediate resistance seems to be the 23.6% Fibonacci extension at 76.088, with the 38.2% level above at 76.584. Clearing the latter would then expose the all-time high at 77.159. In the event of a turn lower, immediate support seems to be the 100-day SMA. Falling under the latter exposes the February low at 74.36 before the current-year low comes into focus at 73.766.Unsurprisingly, accompanying gains in the Rupee has been a push higher in India’s benchmark stock index, the Nifty 50.
Getting there entails clearing the current 2022 peak at 18350. Still, a breakout under the rising trendline risks opening the door to a turn lower. With that in mind, immediate support seems to be the 61.8% Fibonacci retracement at 17482 before the midpoint kicks in at 17136. Further losses would then open the door to revisiting the current 2022-year low at 15671.
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