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.

Dhwani Mehta FXStreet

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

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

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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