fxs_header_sponsor_anchor

News

USD/INR Price News: Indian rupee stays positive below 75.00 on short-term H&S

  • USD/INR stays offered after confirming a bearish chart pattern.
  • 100-SMA can offer intermediate halt during the drop towards 73.90.
  • Bearish MACD, downward sloping RSI favor sellers, bulls need to cross 75.10 for fresh entries.

USD/INR holds lower ground near 74.80, down 0.05% intraday, amid an initial Indian session on Monday. The pair recently confirmed a bearish chart pattern, head-and-shoulders (H&S) on the four-hour play.

Not only the H&S confirmation but downbeat MACD and declining RSI line, not oversold, also back USD/INR sellers.

Although 72.30 comes out as the theoretical target of the H&S, 100-SMA near 74.57 and the mid-April low around 74.30 can test the USD/INR bears.

Meanwhile, a corrective pullback beyond the neckline figure of 75.05 should cross the shoulder 2, around 75.10, before recalling the USD/INR buyers.

Following that, 75.50 and the monthly top surrounding 75.56 will be the key levels to watch.

USD/INR four-hour chart

Trend: Further downside expected

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.