USD/INR Price Analysis: Greenback bulls set to print fresh all-time-highs

• The asset is prepared to record all-time highs at 79.00.
• A Bullish Flag formation has underpinned the greenback bulls.
• Advancing 200-EMA adds to the upside filters.

The USD/INR pair has moved above 77.80 in its early trade. The pair is expected to rebound after a mild corrective move from Thursday’s high at 78.00. On a broader note, the asset is oscillating in a range of 77.34-78.12 for the past three weeks.

A Bullish Flag formation on a four-hour scale is underpinning the greenback bulls. The formation of a Bullish Flag denotes a consolidation phase after a vertical upside move. The north-side sheer move is been recorded from May’s low at 75.98. The consolidation phase of a Bullish Flag indicates an initiative buying structure in which the buyers initiate longs after the establishment of a bullish bias.

The asset is holding above the 50-period Exponential Moving Average (EMA) at 77.68, which confirms a short-term bullish momentum. While, the 200-EMA at 77.31 is advancing swiftly, which warrants a longer trend is intact.

However, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, which signals that the asset is awaiting a trigger for a decisive move.

Should the asset oversteps May’s high at 78.12, a breakout of a Bullish Flag will trigger, which will send the major into an uncharted territory towards the round-level resistance at 78.15, followed by the psychological resistance at 79.00.

On the flip side, the Indian rupee bulls could dictate the asset price if it drops below May 17 low at 77.34 decisively, which will send the asset towards May 3 high at 76.82. A breach of the latter will drag the asset further towards May 6 low at 75.98.

USD/INR four-hour chart