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

fxsoriginal

USD/INR: Additional levels

USD/INR

Overview
Today last price 73.8437
Today Daily Change 0.0741
Today Daily Change % 0.10
Today daily open 73.7696
 
Trends
Daily SMA20 73.5159
Daily SMA50 74.1958
Daily SMA100 74.845
Daily SMA200 74.1452
 
Levels
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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD edges above 1.18 amid mixed US data, slim stimulus hopes

EUR/USD is trading above 1.30 after US Durable Goods Orders beat expectations but Consumer Confidence missed estimates. Hopes for a US stimulus deal are slim with a week left until the elections.

EUR/USD News

GBP/USD stabilizes above 1.30 amid Brexit and covid uncertainty

GBP/USD is hovering above the round 1.30 levels as rising UK COVID-19 cases, uncertainty about Brexit, and PM Johnson's political problems weigh on sterling. US data has been mixed.

GBP/USD News

XAU/USD ticks up to $1,910 and turns positive on the day

Gold futures have found support right below the $1,900 area earlier today before inching up to $1,910, turning positive on daily charts. The precious metal lost ground, with the US dollar building up during the European session on Tuesday, to appreciate during the North American session with market sentiment improving moderately.

Gold News

Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin breaks new yearly highs and hits $13,464. The road to $15,000 is clear as there are no major resistance levels above the current price.

Read more

WTI trims losses and moves near $39.00/bbl ahead of API

Following two consecutive daily pullbacks, prices of the West Texas Intermediate regain some buying interest and reach the $39.00 mark per barrel on turnaround Tuesday.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures