USD/INR Price News: Indian rupee sellers await confirmation of bullish pennant on 4H

USD/INR prints mild gains inside a bullish chart pattern.
Bearish MACD challenges further upside but sustained trading beyond key SMAs keep bulls hopeful.

Anil Panchal FXStreet

USD/INR trims early Asian gains while declining to 73.39 during the initial hour of Indian trading on Tuesday. Even so, the pair portrays a bullish chart formation on the four-hour (4H) play.

Although MACD signals challenge the bullish pennant, by suggesting a downside break of pennant support near 73.30, 100-bar and 200-bar SMAs, respectively around 72.90 and 72.80 stand tall to challenge the pair sellers.

Even if the quote manages to break 72.80, multiple barriers around mid-72.00s can stop the USD/INR bears from refreshing the lowest levels since March 2020 of 72.00.

On the flip side, a clear break of the stated pennant resistance, at 73.60 now, will theoretically propel the quote towards the July 2020 top near 75.50. However, November 2020 high near 75.00 will be a tough nut to crack for the USD/INR bulls.

Overall, USD/INR is building the upside momentum after reversing the downtrend during the last week.

USD/INR four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	73.403
Today Daily Change	0.1036
Today Daily Change %	0.14%
Today daily open	73.2994

Trends
Daily SMA20	72.8015
Daily SMA50	73.0527
Daily SMA100	73.4872
Daily SMA200	74.0527

Levels
Previous Daily High	73.958
Previous Daily Low	73.1975
Previous Weekly High	74.1841
Previous Weekly Low	72.1719
Previous Monthly High	74.1841
Previous Monthly Low	72.1719
Daily Fibonacci 38.2%	73.488
Daily Fibonacci 61.8%	73.6675
Daily Pivot Point S1	73.0119
Daily Pivot Point S2	72.7244
Daily Pivot Point S3	72.2514
Daily Pivot Point R1	73.7725
Daily Pivot Point R2	74.2455
Daily Pivot Point R3	74.533

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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