USD/INR Price: Rupee battles key hurdle to the north around 72.75-80, up 0.13% intraday, amid the initial hour Thursday’s of Indian trading session. In doing so, the Indian rupee (INR) pair snaps a five-day downtrend while looking to confirm a bullish chart pattern, falling wedge, on the four-hour (4H) play.
Given the recent improvement in the MACD signals and RSI recovery, Rupee is likely to keep the corrective pullback. However, a clear break of 21-SMA level near 72.80 becomes necessary for the bull’s return.
Following that, the 73.00 round-figure and the weekly top surrounding 73.25 can offer intermediate halts during the run-up to the theoretical target near 73.40. Alternatively, pullback moves should defy the bullish chart formation, via a downside break of the wedge’s support near 72.60, to recall the Rupee sellers.
In that case, 72.50 and 72.30 could return to the chart ahead of directing the bears to attack the yearly bottom of 72.17. Overall, Rupee bears seem tiring and hence the much-awaited corrective pullback appealing.