15 Oct 2021
USD/INR Price News: The rupee falls into key support
- USD/INR is meeting the 38.2% Fibonacci as the greenback sinks to fresh lows.
- A period of consolidation would be expected as investors eye next catalyst.
As per the prior analysis, ''USD/INR Price News: Rupee firms at critical daily resistance, eyes 75 the figure,'' the price has continued to deteriorate as forecasted as follows:
USD/INR prior analysis
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The price, as illustrated above, was projected to retreat from resistance to target the 38.2% Fibonacci retracement.
USD/INR live market, daily chart
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The price has indeed fallen to the target as the US dollar continues to feel the pinch as markets take profit in a buy the rumour sell the fact scenario with respect to the Federal Reserve. From this juncture, the price would be expected to consolidate as traders await the next catalyst.