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- USD/INR Price Analysis: Inverse H&S keeps Indian rupee bears hopeful near 74.40
USD/INR Price Analysis: Inverse H&S keeps Indian rupee bears hopeful near 74.40
- USD/INR fades Friday’s rebound below bullish chart formation on 4H.
- Momentum line tests pair buyers, 200-SMA adds to the upside filters.
- Bears await 74.25 breakdown, H&S confirmation will poke 75.38 hurdle.
USD/INR treads water around 74.35 during early Monday, struggling to extend Friday’s rebound.
Even so, a bullish chart pattern named the inverse head-and-shoulders keeps the Indian rupee (INR) sellers hopeful.
It’s worth noting that the Momentum line tests the pair buyers while a convergence of the 200-SMA and a 50% Fibonacci retracement (Fibo.) of October-November downside, around 74.75, adds to the upside filters above the formation’s neckline of 74.58.
In a case where the USD/INR bulls dominate past 74.75, a horizontal area comprising levels marked since October 11 challenges the advances near 75.35 ahead of the previous month’s top around 75.65.
Meanwhile, a downside break of 74.25 will defy the head-and-shoulders (H&S) chart pattern and could direct the quote towards the 74.00 threshold.
Should the pair drop further below the 74.00 round figure, the monthly low of 73.85 will be in focus.
To sum up, USD/INR bulls are bracing for further upside but there prevails a bumpy road to watch.
USD/INR: Four-hour chart
Trend: Further upside expected
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