USD/INR Price News: Indian rupee consolidates losses inside bullish pennant above 74.00


  • USD/INR sellers struggle to defy bullish chart pattern during two-day downtrend.
  • Further losses envisioned on the break of immediate support.
  • Bullish breakout will aim for mid-April low, November tops.

USD/INR remains on the back foot for the second consecutive day, around an intraday low of 74.13 as Indian markets open for Friday. In doing so, the Indian rupee (INR) pair portrays depression inside a bullish chart pattern on the four-hour (4H) play.

Given the downward sloping RSI line and multiple hurdles to the north, USD/INR sellers seem to be on the upper hand. However, a clear downside break of 74.13, comprising the stated pattern’s support line, becomes necessary to reject bulls.

Following that, the 74.00 threshold and 73.58, low of the previous Thursday, could lure the bears ahead of highlighting the monthly ascending support line near 73.55. It’s worth noting that any further downside will be questioned by the 200-SMA level of 73.25.

On the flip side, pullback moves will be capped by the 74.50 round figure before the bullish formation’s resistance, around 74.55, gains the market’s attention. The mid-April lows add strength to the 74.55 hurdle.

If at all the USD/INR bulls manage to cross 74.55, November 2020 tops near the 75.00 round figure may offer an intermediate halt during the rally targeting the yearly peak of 75.63.

USD/INR four-hour chart

Trend: Further weakness expected 

Additional important levels

Overview
Today last price 74.147
Today Daily Change -0.0390
Today Daily Change % -0.05%
Today daily open 74.186
 
Trends
Daily SMA20 73.3617
Daily SMA50 73.6394
Daily SMA100 73.3756
Daily SMA200 73.4899
 
Levels
Previous Daily High 74.2571
Previous Daily Low 74.1259
Previous Weekly High 74.4752
Previous Weekly Low 73.1046
Previous Monthly High 74.311
Previous Monthly Low 72.3386
Daily Fibonacci 38.2% 74.176
Daily Fibonacci 61.8% 74.207
Daily Pivot Point S1 74.1222
Daily Pivot Point S2 74.0585
Daily Pivot Point S3 73.9911
Daily Pivot Point R1 74.2534
Daily Pivot Point R2 74.3208
Daily Pivot Point R3 74.3845

 

 

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