USD/INR Price News: Indian rupee stays positive below 75.00 on short-term H&S

USD/INR stays offered after confirming a bearish chart pattern.
100-SMA can offer intermediate halt during the drop towards 73.90.
Bearish MACD, downward sloping RSI favor sellers, bulls need to cross 75.10 for fresh entries.

Anil Panchal FXStreet

USD/INR holds lower ground near 74.80, down 0.05% intraday, amid an initial Indian session on Monday. The pair recently confirmed a bearish chart pattern, head-and-shoulders (H&S) on the four-hour play.

Not only the H&S confirmation but downbeat MACD and declining RSI line, not oversold, also back USD/INR sellers.

Although 72.30 comes out as the theoretical target of the H&S, 100-SMA near 74.57 and the mid-April low around 74.30 can test the USD/INR bears.

Meanwhile, a corrective pullback beyond the neckline figure of 75.05 should cross the shoulder 2, around 75.10, before recalling the USD/INR buyers.

Following that, 75.50 and the monthly top surrounding 75.56 will be the key levels to watch.

USD/INR four-hour chart

Trend: Further downside expected

Additional impotant levels

Overview
Today last price	74.828
Today Daily Change	-0.0403
Today Daily Change %	-0.05%
Today daily open	74.8683

Trends
Daily SMA20	74.3307
Daily SMA50	73.3856
Daily SMA100	73.317
Daily SMA200	73.6764

Levels
Previous Daily High	75.1349
Previous Daily Low	74.7705
Previous Weekly High	75.6321
Previous Weekly Low	74.54
Previous Monthly High	73.958
Previous Monthly Low	72.2569
Daily Fibonacci 38.2%	74.9097
Daily Fibonacci 61.8%	74.9957
Daily Pivot Point S1	74.7142
Daily Pivot Point S2	74.5602
Daily Pivot Point S3	74.3498
Daily Pivot Point R1	75.0786
Daily Pivot Point R2	75.289
Daily Pivot Point R3	75.443

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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