USD/INR Price News: Indian rupee refreshes 11-month low inside immediate falling wedge

USD/INR drops to the fresh low since March 2020, prints three-day downtrend.
Bullish chart formation, nearly oversold RSI keeps buyers hopeful.
Bears can eye early 2020 tops during further weakness.

Anil Panchal FXStreet

USD/INR declines to the fresh low since March 2020 before bouncing off 72.71 ahead of Thursday’s European session.

Although pair’s sustained trading below 21-day SMA and monthly descending trend line keeps favoring USD/INR sellers, a bullish chart pattern formation called falling wedge warrants the buyers to stay hopeful unless breaking immediate support line, at 72.70 now.

It should, however, be noted the upside confirmation needs validation from the 21-day SMA level of 72.96, in addition to the stated pattern’s resistance line near 72.87, before recalling the USD/INR buyers.

On the contrary, a daily closing below 72.71 will fetch the quote to January 2020 highs near 72.20 whereas the 72.00 threshold can lure the USD/INR bears afterward.

Overall, USD/INR sellers seem tired and hence a corrective pullback cannot be ruled out.

USD/INR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	72.7522
Today Daily Change	-0.0404
Today Daily Change %	-0.06%
Today daily open	72.7926

Trends
Daily SMA20	72.9715
Daily SMA50	73.2963
Daily SMA100	73.5733
Daily SMA200	74.2396

Levels
Previous Daily High	72.8848
Previous Daily Low	72.7856
Previous Weekly High	73.2046
Previous Weekly Low	72.7504
Previous Monthly High	73.569
Previous Monthly Low	72.8132
Daily Fibonacci 38.2%	72.8235
Daily Fibonacci 61.8%	72.8469
Daily Pivot Point S1	72.7572
Daily Pivot Point S2	72.7218
Daily Pivot Point S3	72.6581
Daily Pivot Point R1	72.8564
Daily Pivot Point R2	72.9201
Daily Pivot Point R3	72.9555

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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