USD/INR Price News: Indian rupee eyes 73.50 amid potential inverted cup-and-handle

USD/INR looks south amid bearish technical set up.
Hourly chart displays a potential inverted cup-and-handle.
Hourly RSI points south while within the bearish region.

Dhwani Mehta FXStreet

Following the rejection at 50-hourly moving average (HMA) at 73.84 in the US last session, the USD/INR pair reverses the recovery gains on Wednesday.

The spot looks to extend the renewed downside while teasing an inverted cup-and-handle breakdown on the hourly chart.

An hourly close below the neckline support at 73.65 would validate the pattern, calling for a test of the 200-HMA at 73.60.

Subsequently, the sellers would then aim for the pattern target measured at 73.20. Adding credence to the bearish move, the hourly Relative Strength Index (RSI) points south, trending at 39.43.

Any recovery attempts could face immediate resistance at 73.75, the confluence of the 21 and 100-HMAs.

Further north, the 50-HMA barrier is the level to beat for the bulls.

USD/INR: Hourly chart

USD/INR: Additional levels

USD/INR

Overview
Today last price	73.6925
Today Daily Change	-0.1505
Today Daily Change %	-0.20
Today daily open	73.843

Trends
Daily SMA20	73.4573
Daily SMA50	73.6224
Daily SMA100	74.4087
Daily SMA200	74.3794

Levels
Previous Daily High	73.9963
Previous Daily Low	73.6222
Previous Weekly High	73.8892
Previous Weekly Low	73.3046
Previous Monthly High	74.022
Previous Monthly Low	72.7601
Daily Fibonacci 38.2%	73.7651
Daily Fibonacci 61.8%	73.8534
Daily Pivot Point S1	73.6447
Daily Pivot Point S2	73.4465
Daily Pivot Point S3	73.2707
Daily Pivot Point R1	74.0188
Daily Pivot Point R2	74.1946
Daily Pivot Point R3	74.3928

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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