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- USD/INR to unfold an extended pullback on a break below 73.80 – SocGen
USD/INR to unfold an extended pullback on a break below 73.80 – SocGen
The USD/INR rebound has petered out after falling short of the graphical levels of 75.50. Economists at Société Générale note that the pair is at risk of suffering further losses on a dip below 73.80.
Reclaiming 75.50 is crucial for negating head and shoulders pattern
“USD/INR is drifting towards the 200-DMA near 74.30. Interestingly, the pair is evolving within the right shoulder of a possible Head and Shoulders; a pattern that points towards short-term downside.”
“Multi-month ascending trend line and the neckline at 73.80 is a crucial support. In case this breaks, USD/INR could unfold an extended pullback.”
“Reclaiming 75.50 will be crucial for negating this formation.”
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