Bullish Momentum in USDINR Kickstarted during the start of June 2018 and most likely to extend till the Sep 2018. USDINR also tested all-time high 70.89 on 14th Aug 2018. What is really missing compared to the majority of the EM Currencies is that Extreme bullish momentum seems to be missing thus far.
Here is the quarterly market profile view of USDINR where currently medium-term supports are developing around the zone 69.3 levels. This quarter USDINR spent most of its time balancing around 68.75 levels with possible value building higher. Momentum and value gearing up higher. Possibly, in this situation, one can think about an extreme bullishness in USDINR here reflecting inline with the majority of the EM currencies sentiment.
Short-term and Medium-term Bias remains bullish as long as the short term support at 69.3 holds possibly 72-73 levels are expected faster by Sep 2018.
