USD/INR seesaws within a short-term symmetrical triangle and has recently eased from intraday highs.
Bulls benefit from a higher RSI and trading beyond crucial SMAs.
The downside filters are augmented by a monthly ascending trend line.
During the early Indian trading session on Tuesday, the USD/INR falls from the day’s high to 74.26, reversing early Asian gains. The Indian rupee (INR) pair is funneling down to the break-points of a one-week-old symmetrical triangle as a result of this.
Strong RSI conditions, combined with the cross-currency pair’s good trading above major SMAs and a short-term support line, should keep USD/INR buyers optimistic.
However, a decisive upside breach of 74.35 is required for the bull to enter.
Following that, the monthly high around 74.50 and the mid-April lows near 74.55 will be difficult to overcome for pair buyers as they aim for the 75.00 level.
Meanwhile, the 50-SMA strengthens the stated triangle’s support near 74.20, a break of which might send the quote south to an ascending support line from late May, around 73.75.
The 200-SMA level of 73.30, however, maintains the door open for USD/INR sellers to return.
Bullish trend
Continue reading
