The dollar ascended close to a two-decade high on Tuesday - GEPL Capital
News / Other data
* China’s yuan sank to a new two-year low on Wednesday as anticipation of an upcoming Federal Reserve rate hike boosted the dollar, while concerns over slowing economic growth in the country also weighed.
* Japan is now ready to intervene in currency markets at any moment, if needed, and doesn’t need to wait for a green light from the US to support the yen, according to a former head of the country’s currency policy.
* The dollar ascended close to a two-decade high on Tuesday, as investors geared up for another aggressive interest rate hike from the Federal Reserve, the main focus in a week packed with central bank meetings.
* The U.S. dollar edged lower in early European trading Tuesday, but remained near a 20-year high as the market geared up for another aggressive rate increase by the Federal Reserve.
* Asian currencies moved little on Tuesday, while the U.S. dollar steadied near 20-year highs as focus turned to an upcoming interest rate hike by the Federal Reserve.
Data inferenc
* 'Actual' greater than 'Forecast' is good for currency.
Observation
* On looking at Daily chart of GBPINR, we can spot that the overall trend is on the downside while prices forming Lower Low, Lower High Formation.
* Prices post the breakout from Rectangle pattern have retested the neckline and have created a Downward gap, indicating Continuation in downtrend.
* Prices are currently trading below 20 Days EMA, which is acting as a variable resistance for shorter term price swing.
* RSI is moving in sync with the trend (Lower high, Lower low) which confirms the down move in the trend.
Inference
* Sell Below 91.22 Target 89.54 SL 91.65
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