USD/INR Technical Analysis: 73.08 is the level to beat for the bears

• Currently, the USD/INR pair is trading at 73.33, having clocked a low of 73.08 yesterday. The minor bounce could be associated with the oversold conditions reported by the relative strength index (RSI) on the hourly chart.
• However, the uptick could be short-lived as the daily chart is biased toward the bears. The pair breached the rising trendline (from Aug. 9 low and Sept. 21 low) last week. The 5-day and 10-day exponential moving averages (EMAs) are trending south, indicating a bearish setup. Further, the MACD and the relative strength index (RSI) on the daily chart are biased bearish.
• Hence, a break below 73.08 could happen soon and could yield a deeper drop to 50-day EMA of 72.33.

Daily Chart

Spot Rate: 73.30

Daily High: 73.37

Daily Low: 73.22

Trend: Bearish

Resistance

R1: 73.82 (Oct. 23 high)

R2: 74.00 (psychological hurdle)

R3: 74.48 (Oct. 11 high)

Support

S1: 73.08 (previous day's low)

S2: 72.33 (50-day EMA)

S3: 71.52 (Sept. 14 low)