USD/INR Price News: Rising wedge, overbought RSI back Indian rupee bulls above 73.00

  • 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
Daily SMA20 72.9385
Daily SMA50 73.7309
Daily SMA100 73.2929
Daily SMA200 73.4673
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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