Inverse H&S keeps Indian rupee sellers hopeful below 75.00

  • USD/INR prints bullish chart pattern on four-hour play around monthly top.
  • Bullish MACD, firmer RSI hints at further advances, 200-SMA adds to the upside filters.

USD/INR remains indecisive around 74.65 during early Tuesday, after refreshing the monthly peak the previous day.

Even so, the Indian rupee (INR) pair keeps the bullish chart pattern, namely head and shoulders (H&S), alive on the four-hour play.

In addition to the bullish formation, upbeat MACD signals and RSI line also hints at the quote’s further advances.

However, a clear upside break of the neckline, around 74.65, becomes necessary to confirm the theoretical upward transition towards 75.50, comprising 61.8% Fibonacci retracement (Fibo.) of December-January fall.

During the run-up, the 200-SMA level near 74.85 and the 75.00 threshold may offer intermediate halts.

Meanwhile, pullback moves may aim for 74.30 and the 74.00 round figure before the 74.00 could lure USD/INR bears.

Following that, the monthly low and mid-September 2021 bottom, respectively around 73.75 and 73.30, will be in focus.

During the run-up,

USD/INR: Four-hour chart

Trend: Further upside expected


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