USD/INR Price News: Inverse H&S keeps Indian rupee sellers hopeful near 73.00


  • USD/INR snaps two-day upbeat inside a bullish chart pattern.
  • Upbeat MACD signals back buyers but 200-day SMA adds to the upside filters.

USD/INR refreshes intraday low to 72.95, down 0.05%, amid Thursday’s early Indian session. In doing the quote portrays the market’s anxiety ahead of the key US Consumer Price Index (CPI) data to drop for the first time in three days.

Read: US CPI May Preview: Inflation angst is coming

Even so, bullish cross-over the MACD lines join the up gradually increasing histogram teases the Indian rupee (INR) sellers inside an inverse head-and-shoulders (H&S) chart pattern on the daily play.

While a clear break above 73.10 necklines confirms the USD/INR theoretical run-up towards the 75.00 levels, 200-day SMA near 73.50 and May 05 top near the 74.00 threshold offer intermediate checks to the prices.

On the contrary, pullback moves below the weekly bottom of 72.74 defy the bullish chart pattern, which in turn can direct the USD/INR prices to the previous month’s low near 72.33.

Overall, USD/INR bears seem to have tired of late and a confirmation of the inverse H&S could set the tone for a trend change.

USD/INR daily chart

Trend: Further recovery expected

additional important levels

Overview
Today last price 72.956
Today Daily Change -0.0346
Today Daily Change % -0.05%
Today daily open 72.9906
 
Trends
Daily SMA20 72.9542
Daily SMA50 73.7439
Daily SMA100 73.2837
Daily SMA200 73.4733
 
Levels
Previous Daily High 73.0545
Previous Daily Low 72.8835
Previous Weekly High 73.3172
Previous Weekly Low 72.358
Previous Monthly High 74.311
Previous Monthly Low 72.3386
Daily Fibonacci 38.2% 72.9892
Daily Fibonacci 61.8% 72.9488
Daily Pivot Point S1 72.8979
Daily Pivot Point S2 72.8052
Daily Pivot Point S3 72.7269
Daily Pivot Point R1 73.0689
Daily Pivot Point R2 73.1472
Daily Pivot Point R3 73.2399

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD looks depressed above 1.2150 ahead of ECB, US inflation

EUR/USD remains on the back foot below 1.2200 ahead of a busy docket. The US dollar shrugs off weaker Treasury yields. The ECB eyed for economic outlook. The US CPI needs stronger-than-forecast print to keep the dollar afloat.

EUR/USD News

GBP/USD remains poised to slide below 1.4100, US CPI eyed

GBP/USD treads water above 1.4100 ahead of the London open. The US dollar remains steady and exerts pressure on the pair. Brexit concerns, Delta strain added to the British pound struggle. US inflation awaited.

GBP/USD News

Gold challenging key support ahead of US inflation, ECB

Gold price is extending weakness into the third straight day on Thursday, testing the critical 21-DMA at 1883 support ahead of the all-important US inflation and ECB policy decision.

Gold News

Polygon steadies for a 70% rally

MATIC is resisting the notable Bitcoin price strength today. MATIC price tests 50-day simple moving average (SMA) as pullback proceeds in an orderly tone. Volume levels during the pullback do not reveal a mass exodus from the digital asset.

Read more

US CPI May Preview: Inflation angst is coming

When the Federal Reserve moved its price measurement to inflation averaging last September the governors were carefully insulating rate policy from this year’s expected acceleration in consumer costs. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures