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USD/INR Price Analysis: Indian rupee looks south as per the weekly chart

USD/INR Price Analysis: Indian rupee looks south as per the weekly chart

USD/INR jumped 1.88% last week – the biggest single-week percentage gain since March 2020 – confirming an upside break of the trendline falling from April 2020 and June 2020 highs. 

The breakout indicates the multi-month long bearish trend has ended, and the bulls have regained control. As such, the November high of 74.9140 stands exposed. 

However, a pullback could precede a rally to November highs, as markets typically shake out weak bulls before chalking out a positive follow-through to a major breakout similar to the one seen on USD/INR's weekly chart. 

Acceptance under 72.21 (last week's low) is needed to invalidate the bullish bias. 

Weekly chart

Trend: Bullish

Technical levels

USD/INR

Overview
Today last price 73.5875
Today Daily Change -0.0663
Today Daily Change % -0.09
Today daily open 73.6538
 
Trends
Daily SMA20 72.7931
Daily SMA50 73.0652
Daily SMA100 73.4874
Daily SMA200 74.0656
 
Levels
Previous Daily High 74.1841
Previous Daily Low 72.9255
Previous Weekly High 74.1841
Previous Weekly Low 72.1719
Previous Monthly High 74.1841
Previous Monthly Low 72.1719
Daily Fibonacci 38.2% 73.7033
Daily Fibonacci 61.8% 73.4063
Daily Pivot Point S1 72.9915
Daily Pivot Point S2 72.3292
Daily Pivot Point S3 71.7329
Daily Pivot Point R1 74.2501
Daily Pivot Point R2 74.8464
Daily Pivot Point R3 75.5087

 

 

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