USD/INR Price News: Indian rupee braces for further gains inside bearish flag on 4H


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  • USD/INR fades rebound inside a bearish chart pattern near three-month low.
  • Sustained break of monthly support line, 100-SMA favor bears.
  • Clear break below 73.00 will aim for the fresh yearly low.

USD/INR retreats to 73.09 after positing the heaviest daily gains in 13 days. That said, the Indian rupee (INR) pair remains inside a bearish chart pattern called bear flag while taking rounds to the three-month low flashed last week.

Given the quote’s sustained trading inside a bearish formation, not to forget weakness below the one-month-old previous support and 100-SMA, USD/INR bears are likely to keep the reins.

However, a downside break of the stated flag’s support line, around 72.97, becomes necessary before challenging the yearly low near the 72.17 figure, not to forget the 72.00 threshold.

During the fall, lows marked during May and March, respectively around 72.33 and 72.25, may offer intermediate halts.

Meanwhile, an upside clearance of the flag’s resistance line, near 73.20, will trigger a rebound to the 100-SMA level of 73.76.

In a case where USD/INR bulls keep reins past 73.76, the support-turned-resistance line from early August, close to 74.10, will be the key to watch.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 73.0995
Today Daily Change -0.0079
Today Daily Change % -0.01%
Today daily open 73.1074
 
Trends
Daily SMA20 73.8547
Daily SMA50 74.2255
Daily SMA100 73.9216
Daily SMA200 73.5896
 
Levels
Previous Daily High 73.1239
Previous Daily Low 72.9946
Previous Weekly High 73.6506
Previous Weekly Low 72.8965
Previous Monthly High 74.5575
Previous Monthly Low 72.911
Daily Fibonacci 38.2% 73.0745
Daily Fibonacci 61.8% 73.044
Daily Pivot Point S1 73.0268
Daily Pivot Point S2 72.9461
Daily Pivot Point S3 72.8975
Daily Pivot Point R1 73.156
Daily Pivot Point R2 73.2046
Daily Pivot Point R3 73.2853

 

 

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