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
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
