Market news
09.12.2021, 03:53

USD/INR Price Analysis: Indian rupee sellers ignore Wednesday’s Doji, 75.65 eyed

  • USD/INR stays firmer around October’s high, tracks three-week-old rising support line.
  • RSI conditions, bearish candlestick formation join double tops around 75.65 to challenge bulls.

USD/INR reverses the previous day’s pullback from a two-month low, mildly bid near 75.45 during early European morning on Thursday.

In doing so, the Indian rupee (INR) pair follows an upward sloping support line from November 18 amid firmer RSI conditions.

However, the RSI line’s proximity to the overbought area joins the previous day’s Doji candlestick formation to challenge the USD/INR buyers. Adding to the upside filters are the tops marked during April and September near 75.65.

Should the pair buyers manage to cross the 75.65 hurdle, a rally towards June 2020 peak surrounding 76.45 can’t be ruled out.

Alternatively, pullback moves need to break a short-term support line, near 75.25 by the press time, to recall the USD/INR sellers.

Following that, July’s top of 75.01 will be crucial to watch as a break of which will confirm the downward trajectory towards 74.55 level, comprising August month’s high.

USD/INR: Daily chart

Trend: Pullback expected


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