USD/INR Technical Analysis: Looks north, state exit polls show Modi struggling

The Indian National Rupee (INR) has come under pressure in early trade as exit polls in the state elections are auguring badly for Prime Minister Narendra Modi's ruling party just months ahead of general elections.
As a result, markets may price in a possibility of PM Modi losing general elections next year. Further, the credibility of Reserve Bank of India (RBI) has likely been undermined by Governor Patel's resignation. INR, therefore, may continue to lose ground in the near future.
Technically speaking, a break above 72.46 would only bolster the already bullish setup, as represented by the inverse head-and-shoulders breakout and the bullish crossover between the 5- and 10-day moving averages (MAs). The 14-day relative strength index (RSI) is also biased bullish above 50.00.
All-in-all, the pair looks set to extend gains to 73.09 (Oct. 26 low). The bullish outlook would be invalidated below 72.00.

Omkar Godbole FXStreet Contributor

Daily Chart

USD/INR

Overview:
    Today Last Price: 72.305
    Today Daily change: -2.0e+3 pips
    Today Daily change %: -0.276%
    Today Daily Open: 72.505
Trends:
    Previous Daily SMA20: 71.0859
    Previous Daily SMA50: 72.4899
    Previous Daily SMA100: 71.5563
    Previous Daily SMA200: 69.227
Levels:
    Previous Daily High: 72.82
    Previous Daily Low: 70.8605
    Previous Weekly High: 71.44
    Previous Weekly Low: 69.6505
    Previous Monthly High: 74.09
    Previous Monthly Low: 69.5705
    Previous Daily Fibonacci 38.2%: 72.0715
    Previous Daily Fibonacci 61.8%: 71.609
    Previous Daily Pivot Point S1: 71.3037
    Previous Daily Pivot Point S2: 70.1023
    Previous Daily Pivot Point S3: 69.3442
    Previous Daily Pivot Point R1: 73.2632
    Previous Daily Pivot Point R2: 74.0213
    Previous Daily Pivot Point R3: 75.2227

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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