USD/INR Price Analysis: Indian rupee looks south as per the weekly chart

Omkar Godbole FXStreet Contributor

USD/INR jumped 1.88% last week – the biggest single-week percentage gain since March 2020 – confirming an upside break of the trendline falling from April 2020 and June 2020 highs.

The breakout indicates the multi-month long bearish trend has ended, and the bulls have regained control. As such, the November high of 74.9140 stands exposed.

However, a pullback could precede a rally to November highs, as markets typically shake out weak bulls before chalking out a positive follow-through to a major breakout similar to the one seen on USD/INR's weekly chart.

Acceptance under 72.21 (last week's low) is needed to invalidate the bullish bias.

Weekly chart

Trend: Bullish

Technical levels

USD/INR

Overview
Today last price	73.5875
Today Daily Change	-0.0663
Today Daily Change %	-0.09
Today daily open	73.6538

Trends
Daily SMA20	72.7931
Daily SMA50	73.0652
Daily SMA100	73.4874
Daily SMA200	74.0656

Levels
Previous Daily High	74.1841
Previous Daily Low	72.9255
Previous Weekly High	74.1841
Previous Weekly Low	72.1719
Previous Monthly High	74.1841
Previous Monthly Low	72.1719
Daily Fibonacci 38.2%	73.7033
Daily Fibonacci 61.8%	73.4063
Daily Pivot Point S1	72.9915
Daily Pivot Point S2	72.3292
Daily Pivot Point S3	71.7329
Daily Pivot Point R1	74.2501
Daily Pivot Point R2	74.8464
Daily Pivot Point R3	75.5087

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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