USD/INR fails to keep the previous day’s upside momentum revisits sub-73.50 area.
Normal RSI conditions join a lack of clear direction from the latest candlestick formations.
Bulls can stay hopeful unless breaking one-month-old support line, previous resistance.
USD/INR drops to 73.38, down 0.12% intraday, amid the initial hour of the Indian session. In doing so, the quote reverses the previous day’s upside momentum while also printing indecision based on the daily candlesticks.
Other than the mixed signals flashed by spinning tops marked on Monday and Tuesday, RSI conditions are also against any trend change, which in turn suggests a sideways movement.
Though, the pair’s ability to stay beyond a falling trend line from September 24, at 73.27 now, keeps the USD/INR bulls hopeful of attacking the monthly high near 73.65.
It should, however, the noted that USD/INR rise past-73.65 will be probed by 50% and 61.8% Fibonacci retracement of August 20 to September 01 downside, respectively around 73.95 and 74.25.
Alternatively, a downside break below 73.27 will quickly recall the 73.00 threshold on the chart. In a case the psychological magnet fails to stop the USD/INR bears, the previous month’s low close to 72.75 will gain the market’s attention.
USD/INR daily chart
Trend: Sideways
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