USD/INR Technical Analysis: Eyes resistance at 73.00 on bull continuation pattern, Fed rate outlook supports

The USD/INR is currently trading at 72.78, up 0.20 percent on the day, having witnessed a falling wedge breakout (bullish continuation pattern) on Nov. 8.
The pair has also established a bullish higher low and higher high after wedge breakout.
The Fed reaffirmed its hawkish stance last week, setting the stage for a 25 basis point rate hike in December. The central bank has signaled three rate hikes in 2019.
The pair could soon rise to 73.00. A break above that level would expose the Oct. 31 high of $74.04.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish

USD/INR

Overview:
    Last Price: 72.835
    Daily change: 3.3e+3 pips
    Daily change: 0.462%
    Daily Open: 72.5
Trends:
    Daily SMA20: 73.2448
    Daily SMA50: 72.9378
    Daily SMA100: 71.0254
    Daily SMA200: 68.5292
Levels:
    Daily High: 72.847
    Daily Low: 72.394
    Weekly High: 73.154
    Weekly Low: 72.34
    Monthly High: 74.504
    Monthly Low: 72.525
    Daily Fibonacci 38.2%: 72.674
    Daily Fibonacci 61.8%: 72.567
    Daily Pivot Point S1: 72.3137
    Daily Pivot Point S2: 72.1273
    Daily Pivot Point S3: 71.8607
    Daily Pivot Point R1: 72.7667
    Daily Pivot Point R2: 73.0333
    Daily Pivot Point R3: 73.2197

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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