In this video, the Trader Guy looks at the USD/INR pair for the May 28th session.
USD/INR — The pair has rallied towards the 76.00 level on Wednesday with the 75.00 level offering strong support. A break above the 76.00 level is very bullish and the next target could be the 77.50 level. The Indian Rupee is an emerging market currency and is getting crushed against the dollar at the moment. However, it has performed better than the other currencies. A break below the 75.00 level is very bearish and then the 200-day EMA and the 61.8% Fib retracement level will offer support. India is one of the emerging market economies and is influenced by huge debt. Hence, the demand for the dollar will remain high.