USD/INR Technical Analysis: Trapped in a bearish channel, focus on India's GDP
|- USD/INR is stuck in a bearish channel since Nov. 15.
- India's GDP is forecasted to have dropped to 4.7% in the September quarter.
USD/INR on Thursday jumped 0.35% to 71.2490, snapping the three-day losing streak.
The pair, however, is still trapped in a bearish channel, as seen in the 4-hour chart below.
A breakout, if confirmed, would imply an end of the pullback from the recent high of 72.24 and a resumption of the rally from the Nov. 4 low of 70.5490. That could pave the way for a retest of resistance at 71.865 and possibly 72.24.
On the downside, 71.24 is key support, which if breached, could yield a drop to the ascending 100-day average, currently at 70.9359.
Markets may offer the Indian Rupee on fears of a deeper economic slowdown. India's September quarter gross domestic product (GDP) growth is forecasted to drop to 4.7% from the preceding quarter's growth rate of 5%. The data is scheduled for release at 12:00 GMT.
Daily chart
Trend: Breakout likely
Technical levels
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