USD/INR Price Analysis: Head-and-shoulders on hourly chart keep Indian rupee sellers hopeful

USD/INR stays mildly heavy, no matter currently choosing up bids round 73.73, all through the early Monday’s trading. The pair prints a bearish chart pattern, head and shoulders, on the hourly (1H), play whilst retaining its momentum under 200-HMA.

As a result, the pair agents continue to be hopeful whilst ready for a clear draw back smash of the cited bearish pattern’s neckline, at 73.69 now.

Should the quote efficiently breach 73.69, the month-to-month low round 73.40 and the seventy three round-figure can trap the USD/INR bears.

Though, lows marked in October and September, respectively round 72.95 and 72.75, can undertaking the pair’s draw back past-73.00.

Meanwhile, the pair’s upside clearance of 200-HMA, at 73.82 now, can eye for the seventy four and the month-to-month top close to 74.05.

Overall, the bearish momentum is paused, for now, however the chart patterns advocate some extra draw back is likely.


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