- USD/INR picks up bids near the intraday high, rises the most in eight days.
- Falling Wedge, RSI recovery keep buyers hopeful, late-February lows add to the downside filters.
USD/INR rises to 72.51, up 0.32% intraday, as Indian traders cheer dovish Fed during early Thursday. Also favoring the quote’s strongest jump in the eight days could be the RSI’s bounce off the oversold area.
However, USD/INR buyers will need to confirm the bullish chart pattern, falling wedge, by crossing the 72.55 resistance line to gain a conviction.
Following that, a theoretical run-up to the fresh high in a year above 74.18 can’t be ruled out. However, multiple intermediate halts near 73.40 can test the upward trajectory.
Alternatively, failures to keep the upside momentum will have to offer a decisive break of the stated bullish pattern’s support line, at 72.28 now, to favor the USD/INR sellers.
Though, February’s low, also the yearly bottom, around 72.17, as well as the 72.00 threshold, should keep bears at bay afterward.
USD/INR four-hour chart
Trend: Further recovery expected
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