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USDINR Technical Analysis: Trump's tariffs back in focus with Supreme Court and Iran
Table of Contents
Key Takeaways (30s Read)
USDINR approaches key resistance at 90.40 as market awaits Supreme Court ruling on tariffs.
Fundamental Overview
The US Dollar weakened initially following soft inflation data but rebounded due to geopolitical tensions involving Trump's threats towards Iran. This has affected market sentiment considerably, leading traders to enhance bets on Fed rate cuts. The outlook for the USD remains neutral to bearish as attention shifts towards the potential US Supreme Court decision on Trump's tariffs.USDINR Technical Analysis
On the daily chart, USDINR is approaching key resistance at 90.40 where selling interest is expected to emerge, while buyers anticipate a breakout towards the 92.00 level. The price action indicates a range-bound scenario as the 4-hour chart shows significant activity around 89.70 support, suggesting that this range could persist until a clear breakout occurs either way.Upcoming Catalysts
Traders should remain cautious with today's retail sales and PPI reports, as the market will be greatly focused on the implications of the Supreme Court ruling on tariffs, capable of creating a significant impact on both USD and INR dynamics.AI Analyst
AI Opinion
"The upcoming Supreme Court ruling on tariffs is poised to significantly impact USDINR dynamics. A potential strike down of tariffs could enhance risk appetite, boosting the Indian Rupee. Conversely, if tariffs remain, the Dollar could stabilize. Currently, USDINR is trading between the 90.40 resistance and 89.70 support, and this range-bound scenario is expected to persist as market participants await a breakout decision. Caution is advised given the potential volatility that could arise in response to news events."
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