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  • USD/INR refreshes intraday low after rising the most since late April.
  • Sustained below key EMA, resistance line joins bearish chart formation to favor sellers.

USD/INR takes offers around 73.56, down 0.15% intraday, amid early Thursday’s trading. In doing so, the Indian rupee (INR) pair reverses the previous day’s jump, inside a bearish chart pattern while stepping back from 50-EMA.

Although MACD flashes bullish signals, the pair’s weakness below a three-week-old falling trend line adds strength to the USD/INR bearish impulse.

It’s worth mentioning that a clear break below 73.40 becomes necessary to confirm the chart play suggesting a downside move towards the 71.00 theoretical target.

However, there are multiple hurdles to the south near 73.20-15 and the yearly bottom of 72.17 to consider during the fall.

Meanwhile, 50-EMA, the flag’s upper line and the stated resistance line can keep challenging USD/INR buyers below 73.75, a break of which could recall the 74.00 threshold on the chart.

USD/INR four-hour chart

Trend: Bearish

 

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