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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 price71.8
Today Daily Change0.0140
Today Daily Change %0.02
Today daily open71.786
 
Trends
Daily SMA2071.6394
Daily SMA5071.2426
Daily SMA10071.0251
Daily SMA20070.2405
 
Levels
Previous Daily High71.826
Previous Daily Low71.5275
Previous Weekly High71.8815
Previous Weekly Low71.2255
Previous Monthly High72.37
Previous Monthly Low70.4975
Daily Fibonacci 38.2%71.712
Daily Fibonacci 61.8%71.6415
Daily Pivot Point S171.6003
Daily Pivot Point S271.4147
Daily Pivot Point S371.3018
Daily Pivot Point R171.8988
Daily Pivot Point R272.0117
Daily Pivot Point R372.1973

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

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

More from Omkar Godbole
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