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USDINR – Weekly Outlook & Analysis for 25th November 2021

USDINR Forecast & Technical Analysis for Forex


The Bullish momentum on the OlympTrade forex platform has not overturned the seller’s pressure for the past weeks. The chart has been slow for the past two trading weeks and many participants have not gotten the best from the pair since it was ranging.

India’s Fundamentals

According to SII (Serum Institute of Indian), a vaccine to maker said,” over 200 million of the COVID-19 vaccines are on the seat” Many people are reluctant to receive the vaccine.

The Indian authorities intend to shift the focus of its people away from fuel to coal consumption in the coming years which will also boost the Indian rupee among online brokers. As the authorities push on for a cleaner environment, the government has to shut down some schools because of the level of smog in Delhi which affected the breathing system of some kids.

As more kids are rushed to the hospitals, doctors have warned that some power stations should be shut down while it extends the closure of schools so that the crisis is curtained.

US Fundamentals

USD Revised UoM Consumer Sentiment

Based on the level of the survey carried out among consumers by the University of Michigan. The survey is carried out among 500 consumers, they were asked to rate the current economic conditions and the future economic conditions to access the level of consumers’ sentiments. When financial confidence is high it boosts consumers’ spending and it reflects on the overall economic activity.

An outcome lower than the data expected is not good for the currency but a higher outcome than the forecast is suitable for the US dollar.

Forecast data is 66.8 while the previous was 66.8.

USDINR Technical Analysis

Monthly Chart Projection: Trades within correction area

USDINR monthly chart - 24th Nov 2021


Monthly Resistance Levels: 77.020, 75.660

Monthly Support Levels: 72.210, 72.920, 73.7949 

The resistance zone of 75.660 has been a hard level for the online brokers as they could not close above the zone. If the Bulls will take over the market, they will have to reject the bearish move totally from the support level of 73.7949 so that the price of the zone can attract more online brokers in the long position.

However, if the market structure is to change to a bearish market, the price of the USDINR pair will have to out the lows of 72.920 and lower for the bears to dominate the market. With such a move the Indian rupee will be stronger than the US dollar on the Forex platform.

Weekly Chart

USDINR weekly chart - 24th Nov 2021


Weekly Resistance Levels: 76.00, 75.66, 75.13


Weekly Support Levels: 72.33, 72.93.


The USDINR pair has shown indecision in the market for the past two weeks after the Indian rupee dominated the market 3 weeks ago. The price is trapped between the high of 75.13 and the low of 73.79. A breakout of price to either side will determine the direction of the market in days to come. The trading activities are still slow and ranging.

The Indian Prime Minister Narendra Modi announced that he would repeal the agriculture laws that farmers have protested against which calls for celebration in the country.

Daily Projections: Bullish after finding price floor at 74.11

Daily Resistance Levels:  75.13, 75.68, 

Daily Support Levels: 73.55, 73.83.

The Indian rupee may begin to lose some momentum against the US dollar as the FED is set to discuss the pace at which it will start its tapering during their next discussion during the central banks meeting next month.

If the support level of 73.79 can hold and the price closes above the resistance of 75.68 we are likely going to see the price jump up higher in the future.

The last trading week was not clear for the online brokers as the price momentum was poor on the daily chart. The bulls have been making efforts to close above the 74.50 level, if they succeed, the price of the USDINR pair will rise.

Bullish Scenario:

The bullish online brokers are still holding on to the bullish ride because a close above 75.13 will favor them on the Forex platform.

Bearish Scenario:

The Indian rupee showed strength at the start of the month before losing the gains recently. It will require more momentum for the bears to continue to their gains on the daily time frame.

Conclusion and Projection

The USDINR pair is not certain on the daily chart, therefore online brokers who are not sure of the market’s direction can stay out for a while before a clear move is seen on the Forex platform.

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