- USD/INR’s path of least resistance is to the upside.
- The spot has confirmed a falling wedge breakout on the hourly chart.
- Bulls head towards the pattern target above 74.00.
USD/INR is looking to accelerate its upbeat momentum in Europe this Tuesday, despite the broad US dollar retreat, helped by a bullish technical breakout on the hourly chart.
The recent consolidation at the higher levels has carved out a falling wedge formation, with the breakout confirmed on an hourly closing above the falling trendline resistance at 73.81.
The bulls now remain poised to test the pattern target at 74.29. However, the 74 level will likely challenge their commitment on the way northwards.
The hourly Relative Strength Index (RSI) points south but holds above the midline, suggesting a brief pullback before the uptrend resumes.
Therefore, a break below the pattern resistance now support at 73.80 could trigger fresh declines toward the upward-pointing 21-hourly Simple Moving Average (HMA) at 73.76.
Acceptance below the latter could prompt a drop towards the critical 200-HMA support at 73.62.
USD/INR: Hourly chart
USD/INR: Additional levels
|Today last price||73.8437|
|Today Daily Change||0.0741|
|Today Daily Change %||0.10|
|Today daily open||73.7696|
|Previous Daily High||73.8665|
|Previous Daily Low||73.5483|
|Previous Weekly High||74.022|
|Previous Weekly Low||73.28|
|Previous Monthly High||75.2959|
|Previous Monthly Low||73.058|
|Daily Fibonacci 38.2%||73.7449|
|Daily Fibonacci 61.8%||73.6699|
|Daily Pivot Point S1||73.5898|
|Daily Pivot Point S2||73.4099|
|Daily Pivot Point S3||73.2716|
|Daily Pivot Point R1||73.908|
|Daily Pivot Point R2||74.0463|
|Daily Pivot Point R3||74.2262|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.