Ascending triangle breakout in USDINR

A chart says more than a thousand words!
As the technical analysis suggests, The #usdinr is once again all set to give a bullish breakout of an ascending triangle pattern.

Here are three fundamental reasons that can also support this breakout.

- Federal Reserve's preferred inflation indicator, The US core PCE price index has increased by 4.7% annually, beyond market estimates of 4.3% and rising from December's rate of 4.6%.

- FOMC minutes signal that policymakers will increase interest rates and keep them higher for longer to tame unsustainable price growth.

- A fall in the Indian foreign exchange reserve from 575.27 billion to 561.27 billion this month and rising US bond yields will also strengthen the dollar against the Indian rupee.

Note: This post is only for educational purposes. Trade at your own risk.

#forex #usdinr #trading #technicalanalysis
#federalreserve #newsupdate #interestrates #inflation