USD/INR eked out moderate gains on Wednesday, aborting immediate bearish view. Wednesday’s low is the level to defend for the bulls. RBI is expected to keep interest rates unchanged. USD/INR pair created an inverted bullish hammer-like candle on Wednesday, pausing the downside (uptick in INR) ahead of the Reserve Bank of India’s (RBI) rate decision. The pair dived out of an ascending channel on Feb. 4, signaling an end of the bounce from recent lows near 70.70 and scope for a re-test of that level. Tuesday’s candle has aborted the immediate bearish view and made Wednesday’s move pivotal. Acceptance under the hammer’s low of 71.10 would signal a continuation of the decline toward 70.70. On the other hand, a break above 71.2890 (hammer’s high) would shift risk in favor of a re-test of recent highs near 71.65. The central bank is widely expected to keep interest rates unchanged at 5.15% as inflation is rising and the government is reportedly struggling to control fiscal deficit. Notably, the consumer price index shot up to an unexpected five-year high of 7.35% in December. Daily chart Trend: Neutral Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Australian PM Morrison: Economy to take ‘significant’ hit from coronavirus FX Street 2 years USD/INR eked out moderate gains on Wednesday, aborting immediate bearish view. Wednesday's low is the level to defend for the bulls. RBI is expected to keep interest rates unchanged. USD/INR pair created an inverted bullish hammer-like candle on Wednesday, pausing the downside (uptick in INR) ahead of the Reserve Bank of India's (RBI) rate decision. The pair dived out of an ascending channel on Feb. 4, signaling an end of the bounce from recent lows near 70.70 and scope for a re-test of that level. Tuesday's candle has aborted the immediate bearish view and made Wednesday's move pivotal. Acceptance under… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
