USD/INR Price Analysis: Indian rupee seesaws under 75.00 inside monthly falling triangle
- USD/INR struggles to keep recovery moves from 74.70 to attack five-week-old resistance line.
- Normal RSI suggests further recovery, 200-bar SMA adds to upside barrier.
- Downside break of 74.45 signals further downside to late-March low.
USD/INR eases from intraday high of 74.87 to 74.84 during the initial Indian session on Tuesday. Even so, the quote extends pullback from the early month's low. However, the upper line of the short-term triangle will soon test the pair’s bullish momentum.
Considering the normal RSI conditions, as well as repeated failures to slip below 74.45, the quote is likely to cross 74.72 resistance, which in turn can escalate the recoveries toward a 200-bar SMA level of 75.32.
Though, 75.00 round-figures and July 15 top near 75.51 are some additional levels to watch during the additional rise.
On the contrary, the pair’s weakness below 74.45 will quickly drag it to March 27 low near 74.15 ahead of highlighting 74.00 round-figures. It’s worth mentioning that the pair’s sustained declines past-74.00 will have to break 73.50, comprising March 10 bottom, to recall the early-2020 tops near 72.20/25.
USD/INR four-hour chart
Trend: Further recovery expected