USD/INR Price News: Bearish flag keeps Indian rupee buyers hopeful below 74.00
|- USD/INR refreshes intraday low after rising the most since late April.
- Sustained below key EMA, resistance line joins bearish chart formation to favor sellers.
USD/INR takes offers around 73.56, down 0.15% intraday, amid early Thursday’s trading. In doing so, the Indian rupee (INR) pair reverses the previous day’s jump, inside a bearish chart pattern while stepping back from 50-EMA.
Although MACD flashes bullish signals, the pair’s weakness below a three-week-old falling trend line adds strength to the USD/INR bearish impulse.
It’s worth mentioning that a clear break below 73.40 becomes necessary to confirm the chart play suggesting a downside move towards the 71.00 theoretical target.
However, there are multiple hurdles to the south near 73.20-15 and the yearly bottom of 72.17 to consider during the fall.
Meanwhile, 50-EMA, the flag’s upper line and the stated resistance line can keep challenging USD/INR buyers below 73.75, a break of which could recall the 74.00 threshold on the chart.
USD/INR four-hour chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.