USD/INR Price Analysis: Scales above 82.00 ahead of US Inflation and FOMC minutes USDINR Inflation Oil Fed DollarIndex
FIIs are turning buyers in the Indian market after months of correction.
The US Dollar Index has attempted a recovery after a steep correction to near 102.04 as investors are taking caution ahead of inflation data. Meanwhile, S&P500 futures have eased the majority of gains generated in early Asia amid anxiety ahead of the quarterly result season, portraying a caution in an overall upbeat market mood.
After a firm recovery, USD/INR has reached near the upper portion of the Falling Channel formed on a four-hour scale. Every pullback in the aforementioned chart pattern is considered as buying opportunity for market participants. The 20-period Exponential Moving Average at around 82.00 is providing a cushion to the US Dollar bulls.
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