USD/INR Price News: 200-bar SMA underpins Indian rupee strength
|- USD/INR refreshes intraday high, breaks immediate choppy range below 74.00.
- 200-bar SMA defies bullish MACD amid downward trajectory since November 13.
USD/INR trades near the intraday high of 73.98 ahead of Indian session open on Monday. In doing so, the quote breaks the immediate trading range between 73.96 and 73.93 while staying below 200-bar SMA.
Although bullish MACD suggests the pair’s another attempt to cross the key SMA level, currently around 74.05, USD/INR bulls have failed twice in recent days to break the important hurdle, which in turn keeps the sellers hopeful while considering the two-week-old downtrend.
Other than the 200-bar SMA level of 74.05, November 19 high near 74.32 and November 13 top close to 74.95 also add filters to the pair’s upside moves.
Meanwhile, the last week’s low near 73.75/70 can entertain bears before directing them to the current month’s trough surrounding 73.65.
However, a falling trend line from November 18, at 73.59 now, will restrict further downside of the USD/INR.
USD/INR four-hour chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.