USD/INR (U.S. DOLLAR/INDIAN RUPEE)

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USDINR

Breakouts from contracting ranges are usually very powerful. The longer the consolidation period the more powerful the breakout is. In the case of USD/INR we are getting closer to a strong breakout from the year-long consolidation range. Breakout above 55 levels will be bullish for the U.S. Dollar and will target 57-58 area on the price chart. Breakdown below 53.50 will be bullish for the Rupee and will be followed by a directional move towards 50-51 area. Levels to watch; 55 as resistance and 53.50 as support.