USD/INR Price News: Indian rupee looks south amid falling wedge breakout

  • 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
Daily SMA20 73.5159
Daily SMA50 74.1958
Daily SMA100 74.845
Daily SMA200 74.1452
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



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