- USD/INR bears eye weekly support but a correction could be on the cards first.
- A 23.6% and 38.2% Fibo align with prior market structures on the upside.
The Indian Rupee is firmly bid due to a weaker US dollar and while there is a bearish bias on the longer-term time frames, the momentum is slowing.
A correction could be on the cards for the near term and the following is a top-down analysis that illustrates the bias.
Weekly chart
-637662193594751066.png)
The slide has more room to go to the downside according to the weekly chart where the support area between 72.10/50 is illustrated above.
Daily chart
-637662193851852424.png)
However, according to to the daily chart, the price is stalling which gives rise to the probabilities of a correction to the upside where the old market structure near 73.25 is eyed as a potential target.
4-hour chart
-637662194152743722.png)
The bulls are eyeing the prospects of a deeper retracement to the prior structure 4-hour near the 38.2% Fibo and a break of hourly resistance should open prospects to at least the 23.6% Fibo first:
1-hourly chart
-637662198239669665.png)