USD/INR Price News: Indian rupee bursts to 61.8% golden ratio target, 74.00 eyed

• USD/INR bulls seek a run to test 74 the figure again. 
• USD/INR will continue to depend on the performance of the US dollar index. 

As per yesterday's analysis, USD/INR Price News: Indian rupee pressured in Wyckoff methodology, bulls target 61.8% golden ratio, the Indian rupee charged to the target and consolidates there in today's trade, awaiting the next catalyst.

The following illustrates the prior analysis and subsequent price action with the target being hit and in line with the forecast:

Prior analysis, daily & hourly

''... the bulls will need to challenge possible bearish commitments at the 61.8% golden ratio near 73.80.'' 

Then, on an hourly basis, and using the Wyckoff methodology, it was explained that the price was ''in a mark-up phase,'' and was ''likely to head higher following a 38.2% Fibonacci retracement in the first pull-back since the initial breakout.''

Hourly prior analysis

''... from an hourly perspective, the price is already meeting resistance at the 38.2% ratio.''

As illustrated, the target was the 61.8% Fibonacci ratio.

Here is the outcome of the prior analysis:

It was also explained that the DXY was on the verge of a breakout into higher grounds away from the counter trendline:

The DXY is now on the verge of testing the old counter-trendline as follows:

Should the DXY be rejected from the current horizontal resistance that has the confluence of the 50% mean reversion, then the rupee would be expected to strengthen.

If on the other hand, the DXY does rally through the 50% level, 92.85, and towards or beyond the 61.8% ratio, the 93 area, then USD/INR would be expected to move in on the old support and test 74 the figure again.