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  • USD/INR challenges 100-HMA after rising channel breakdown.
  • Hourly chart remains in favor of the bears, with RSI below 50.
  • 100-HMA is the level to beat for USD/INR sellers.

Having dived out of a four-day-old rising channel on the hourly chart earlier this Tuesday, USD/INR is consolidating the downside around 74.40.

The bearish breakdown opens floors for a test of the pattern target measured at 73.70. However, the upward-sloping 100-hourly moving average at 74.33 appears to save the day for the bulls, as we write.

Acceptance below the latter could trigger a sharp sell-off towards the 200-HMA at 74.06. The Relative Strength Index (RSI) points south below the midline, suggesting that the path of least resistance appears to the downside.

On the flip side, immediate resistance is seen at 21-HMA of 74.45, above which the pattern support-turned-resistance and 50-HMA confluence of 74.50 could be tested.

USD/INR: Hourly chart

USD/INR: Additional levels