USD/INR Technical Analysis: Bullish bias intact

USD/INR's 4-hour chart shows a bull flag breakout, a continuation pattern.
Dovish RBI expectations and risk-off in global markets could keep Rupee (INR) under pressure.

Omkar Godbole FXStreet Contributor

The path of least resistance for the USD/INR pair is to the higher side.

The 4-hour chart shows the pair is breaking higher from the bull flag, signaling a continuation of the move higher from the recent lows near 71.24.

The flag breakout has opened doors for a rally to 72.48 (target as per the measured move method). On the way higher, the pair may encounter resistance at the Nov. 29 high of 71.8680.

The bullish case would weaken if prices drop below Tuesday's low of 71.53.

Indian Rupee will likely remain under pressure, as suggested by technical charts, are the Reserve Bank of India (RBI) is expected to cut rates by 25 basis points on Thursday.

Further, the Indian equities may trade in the red, tracking the overnight losses on Wall Street, adding to the bearish tone around the Rupee.

4-hour chart

Trend: Bullish

Technical levels

USD/INR

Overview
Today last price	71.8
Today Daily Change	0.0140
Today Daily Change %	0.02
Today daily open	71.786

Trends
Daily SMA20	71.6394
Daily SMA50	71.2426
Daily SMA100	71.0251
Daily SMA200	70.2405

Levels
Previous Daily High	71.826
Previous Daily Low	71.5275
Previous Weekly High	71.8815
Previous Weekly Low	71.2255
Previous Monthly High	72.37
Previous Monthly Low	70.4975
Daily Fibonacci 38.2%	71.712
Daily Fibonacci 61.8%	71.6415
Daily Pivot Point S1	71.6003
Daily Pivot Point S2	71.4147
Daily Pivot Point S3	71.3018
Daily Pivot Point R1	71.8988
Daily Pivot Point R2	72.0117
Daily Pivot Point R3	72.1973

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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