- USD/INR looks south amid bearish technical set up.
- Hourly chart displays a potential inverted cup-and-handle.
- Hourly RSI points south while within the bearish region.
Following the rejection at 50-hourly moving average (HMA) at 73.84 in the US last session, the USD/INR pair reverses the recovery gains on Wednesday.
The spot looks to extend the renewed downside while teasing an inverted cup-and-handle breakdown on the hourly chart.
An hourly close below the neckline support at 73.65 would validate the pattern, calling for a test of the 200-HMA at 73.60.
Subsequently, the sellers would then aim for the pattern target measured at 73.20. Adding credence to the bearish move, the hourly Relative Strength Index (RSI) points south, trending at 39.43.
Any recovery attempts could face immediate resistance at 73.75, the confluence of the 21 and 100-HMAs.
Further north, the 50-HMA barrier is the level to beat for the bulls.
USD/INR: Hourly chart
USD/INR: Additional levels
Credit: FX Street