- 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.
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.
|Today last price||71.8|
|Today Daily Change||0.0140|
|Today Daily Change %||0.02|
|Today daily open||71.786|
|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|
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