USD/INR technical analysis: Rupee looks south as India's GDP hits 6-year low
|- USD/INR's4-hour chart shows a falling channel breakout.
- India's GDP growth hit a six-year low of 4.5% in the September quarter.
The path of least resistance of the Indian Rupee is to the downside.
The Indian unit rose well above 71.60 on Friday, confirming a falling channel breakout on the USD/INR's 4-hour chart. The pattern indicates the pullback from the Nov. 14 high of 72.24 has ended and the rally from the Nov. 4 low of 70.549 has resumed.
The pair, therefore, looks set to test and possibly break above the psychological resistance of 72.00.
Supporting the bullish technicals is the horribly weak Indian data released Friday. India's gross domestic product (GDP) slumped to 4.5% in the September quarter, the weakest pace since 2013. The Gross Domestic Product (GDP) growth stood at 7% in the September quarter of 2018-19.
The GDP data was released post-market hours. USD/INR, therefore, may gap higher on Monday.
4-hour chart
Trend: Bullish
Technical levels
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