- April 23, 2021
- Posted by: Analysis Team
- Category: Forex News
- USD/INR refreshes intraday low inside a bearish chart pattern.
- Failures to stay beyond 75.50 hurdle, normal RSI conditions suggest momentum weakness.
- Late-March top, 200-SMA confluence eyed on break of 74.95.
USD/INR prints a three-day losing streak while taking the offers around 75.00 threshold, down 0.10% intraday, amid the initial Indian trading session on Friday.
The Indian rupee pair’s pullback from 75.63 portrays a bearish chart pattern on the four-hour (4H) play. The RSI conditions also favor the continuation of the recent pullback.
As a result, USD/INR sellers keenly await a downside break of 74.95 to confirm the bearish formation and look for the 73.60 support level comprising 200-SMA and March-end tops.
During the fall, the 74.20 figure including April 08 low can act as a buffer whereas the 73.00 round-figure could lure USD/INR bears past-73.60.
Alternatively, the corrective pullback may eye 75.30 before battling the 75.50-52 upside hurdle that consists of multiple highs marked since July 2020. Also acting as the resistance is an upper line of the stated rising wedge, near 75.70 by the press time.
USD/INR FOUR-HOUR CHART