USD/INR Price News: Indian rupee looks south amid falling wedge breakout

USD/INR is looking to accelerate its upbeat momentum in Europe this Tuesday, despite the broad US dollar retreat, helped by a bullish technical breako  |  29/09/2020 07:46
  • USD/INR’s path of least resistance is to the upside.
  • The spot has confirmed a falling wedge breakout on the hourly chart.
  • Bulls head towards the pattern target above 74.00.

USD/INR is looking to accelerate its upbeat momentum in Europe this Tuesday, despite the broad US dollar retreat, helped by a bullish technical breakout on the hourly chart.

The recent consolidation at the higher levels has carved out a falling wedge formation, with the breakout confirmed on an hourly closing above the falling trendline resistance at 73.81.

The bulls now remain poised to test the pattern target at 74.29. However, the 74 level will likely challenge their commitment on the way northwards.

The hourly Relative Strength Index (RSI) points south but holds above the midline, suggesting a brief pullback before the uptrend resumes.

Therefore, a break below the pattern resistance now support at 73.80 could trigger fresh declines toward the upward-pointing 21-hourly Simple Moving Average (HMA) at 73.76.

Acceptance below the latter could prompt a drop towards the critical 200-HMA support at 73.62.

USD/INR: Hourly chart

fxsoriginal

USD/INR: Additional levels

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com