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. 

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

 

 

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