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17 Nov 2020

USD/INR Price News: Indian rupee sellers cheer short-term falling wedge confirmation above 74.00

  • USD/INR refreshes intraday high while snapping a two-day winning streak.
  • Confirmation of a bullish chart pattern joins upbeat RSI conditions to favor the bulls.
  • 200-HMA adds strength to the downside support, monthly high on the buyers’ radar.

USD/INR rises to 74.47, up 0.18% intraday, during the initial hours of Indian trading on Tuesday. In doing so, the pair confirms a bullish chart formation, falling wedge, amid the recovering RSI that is yet to reach the overbought limit.

As a result, USD/INR bulls are currently directed towards Friday’s top near 74.80 while the monthly high around 75.00 could be on their radars afterward.

In a case where the quote rallies past-75.00, August top near 75.30 and the mid-July high close to 75.50 could return to the charts.

Alternatively, the pair’s pullback moves below the previous resistance line, at 74.40 now, need to slip beneath the 200-HMA level of 74.30, to recall the USD/INR sellers.

Following that, last Wednesday’s low near 74.15 and the 74.00 round-figure could entertain the bears ahead of directing them to the monthly low around 73.65.

USD/INR hourly chart

Trend: Further upside expected

 

Nov 17, 2020

EUR/GBP Price Analysis: Buyers elusive despite bullish Doji reversal

EUR/GBP is locked in a 0.8655 to 0.90 range for the third straight trading day. The range play marks a weak follow-through to the bullish reversal pat
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Nov 17, 2020

Gold Price Analysis: XAU/USD’s path of least resistance appears down – Confluence Detector

Gold’s (XAU/USD) holds steady below $1900 following the coronavirus vaccine optimism led Monday’s wild ride. The further upside appears elusive as th
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