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- USD/INR Price Analysis: Bullish pennant tests Indian rupee strength near 75.00
USD/INR Price Analysis: Bullish pennant tests Indian rupee strength near 75.00
- USD/INR bounces off intraday low inside a bullish chart pattern.
- Fortnight-old support line, 200-HMA joins firmer RSI to keep buyers hopeful.
- Multiple hurdles around 75.20 act as a tough nut to crack for bulls.
USD/INR stays indecisive around 75.00, even as weekly moves contrast the one-month rebound during early Friday. The Indian rupee (INR) is up for snapping three-day advances but a bullish pennant on the hourly play favor buyers on a key day.
That said, a firmer RSI line and the quote’s successful trading beyond a two-week-old support line and 200-HMA offer extra support to the pair bulls.
Though, sustained trading beyond the 75.00 immediate hurdle will need validation from the multiple tops marked since October 20 near 75.19-20. Following that, the USD/INR rally towards the yearly top of 75.65 can’t be ruled out.
On the contrary, a downside break of the stated pennant’s support line, around 74.90, will drag the quote towards the stated short-term support line near 74.83 and then to the 200-HMA level of 74.78.
It should be noted, however, that the bearish impulse past 74.78 will aim for a 61.8% Fibonacci retracement level of November 18-30, near 74.45.
To sum up, USD/INR bulls are bracing for another battle with the 75.20 resistance.
USD/INR: Hourly chart
Trend: Further upside expected
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