USD/INR Price News: Indian rupee bears keep 75.50 on radar
|- USD/INR stays firmer around nine-month top, up for seventh consecutive day.
- Bullish MACD, sustained run-up beyond 61.8% Fibonacci retracement favor buyers.
- November top can offer immediate support during the pullback.
USD/INR picks up bids near 79.25, up 0.11% intraday, amid the initial hour of Wednesday’s Indian trading session. In doing so, the quote keeps an upside break of 61.8% Fibonacci retracement of June 2020 to February 2021 downside, not to forget crossing November 2020 tops.
Given the pair’s ability to stay firm beyond the stated immediate hurdles, namely the key Fibonacci retracement level and November high, USD/INR buyers should remain hopeful of breaking a horizontal resistance around 75.50.
However, a clear rise past-75.50 may not hesitate to challenge the 75.80 and the 76.10 resistance levels ahead of directing the USD/INR bulls toward June 2020 peak surrounding 76.50.
Meanwhile, pullback moves may catch a breather around November 2020 peak and 61.8% Fibonacci retracement levels, respectively around the 75.00 round-figure and 74.85 level.
Even if the USD/INR sellers retake controls past-74.85, a 200-day SMA level of 73.68 becomes the tough nut to break for the bears.
Overall, USD/INR is in the upward trajectory but a pullback from the immediate hurdle can’t be ruled out.
USD/INR daily chart
Trend: Pullback expected
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