USD/INR Price News: Indian rupee bulls eye further downside below 73.00 on head-and-shoulders confirmation

USD/INR bounces off fresh low since March 2020, marked on Friday.
Corrective pullback battles weak RSI, downbeat MACD signals, confirmed bearish chart pattern favor sellers.
Weekly resistance line, 200-bar SMA add to the upside barriers.

Anil Panchal FXStreet

USD/INR picks up bids around 72.83 as Indian trading starts on Monday. In doing so, the Indian rupee pair recovers from the multi-day low flashed on Friday.

However, the bulls fail to gain support from RSI and MACD as they try to defy the previous day’s confirmation of a bearish chart pattern called head-and-shoulders on the four-hour (4H) chart.

As a result, the USD/INR bears stay hopeful unless the quote crosses the 72.85 level. Also acting as an upside barrier is the falling trend line from the February-start, near 72.96, as well as a 200-bar SMA level of 73.15.

On the contrary, sustained weakness below 72.85 drags USD/INR towards the theoretical target of 72.40 whereas the January 2020 peak surrounding 72.20 can entertain the Indian rupee bulls afterward.

Overall, the USD/INR has confirmed a bearish chart pattern, backed by downbeat oscillators, which in turn defies the latest uptick in prices.

USD/INR four-hour chart

Trend: Bearish

Additional importanT levels

Overview
Today last price	72.8175
Today Daily Change	0.0371
Today Daily Change %	0.05%
Today daily open	72.7804

Trends
Daily SMA20	73.0334
Daily SMA50	73.3481
Daily SMA100	73.5958
Daily SMA200	74.2842

Levels
Previous Daily High	73.0268
Previous Daily Low	72.7504
Previous Weekly High	73.2046
Previous Weekly Low	72.7504
Previous Monthly High	73.569
Previous Monthly Low	72.8132
Daily Fibonacci 38.2%	72.856
Daily Fibonacci 61.8%	72.9212
Daily Pivot Point S1	72.6783
Daily Pivot Point S2	72.5762
Daily Pivot Point S3	72.402
Daily Pivot Point R1	72.9546
Daily Pivot Point R2	73.1288
Daily Pivot Point R3	73.2309

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.

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