- USD/INR extends previous day’s pullback from monthly top, refreshes intraday low.
- Further losses envisioned as overbought RSI backs U-turn from bearish pattern’s resistance line.
- 200-SMA offers extra support before the key 73.10 level.
USD/INR stretches the previous day’s profit-booking moves from the monthly top to 73.30, down 0.07% intraday, amid the initial Indian session trading on Wednesday. In doing so, the Indian rupee (INR) pair steps back from an upper line of a short-term rising wedge bearish chart pattern amid overbought RSI conditions.
Hence, the quote’s further consolidation of weekly gains can’t be ruled out. However, USD/INR bears won’t be until the quote stays beyond 73.10, comprising the support line of the stated bearish formation.
It’s worth noting that the 200-SMA level of 73.14 may offer an intermediate halt during the anticipated fall.
In a case where the USD/INR bears keep reins below 73.10, the 73.00 round figure may act as a validation point for the pair’s southward trajectory towards May’s low near 72.30.
Meanwhile, recovery moves will be capped by the wedge’s resistance line near 73.40 before directing USD/INR bulls to the mid-May tops near 73.70.
USD/INR four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||73.302|
|Today Daily Change||-0.0498|
|Today Daily Change %||-0.07%|
|Today daily open||73.3518|
|Previous Daily High||73.3841|
|Previous Daily Low||73.1716|
|Previous Weekly High||73.3146|
|Previous Weekly Low||72.7472|
|Previous Monthly High||74.311|
|Previous Monthly Low||72.3386|
|Daily Fibonacci 38.2%||73.3029|
|Daily Fibonacci 61.8%||73.2528|
|Daily Pivot Point S1||73.2209|
|Daily Pivot Point S2||73.09|
|Daily Pivot Point S3||73.0084|
|Daily Pivot Point R1||73.4334|
|Daily Pivot Point R2||73.515|
|Daily Pivot Point R3||73.6459|
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