USD/INR Price News: Indian rupee bulls justify Friday’s bearish Doji to attack 75.00
|- USD/INR takes U-turn from 75.22 after the previous day’s bearish candlestick formation.
- Bearish MACD also favors the sellers targeting a sub-75.00 area.
- 100-day SMA, 50% Fibonacci retracement limit short-term immediate upside.
USD/INR snaps the two-day winning streak while declining to 75.12 during the pre-European session on Monday. The quote follows the bearish candlestick pattern to extend the U-turn from 100-day SMA. Also increasing the odds of the pair’s further weakness could be the bearish MACD signals.
As a result, the 75.00 threshold is again under attack ahead of 74.80 level comprising July 06 high and Wednesday’s low.
However, the quote’s failure to bounce off 74.80 might not refrain from challenging the late-March lows near 74.40.
On the flip side, a clear break above the 100-day SMA level of 75.32 will trigger a fresh rise of the pair towards 50% Fibonacci retracement of June 19 to July 07 fall, around 75.50.
In a case where the bulls remain dominant past-75.50, 61.8% Fibonacci retracement level close to 75.75 and 76.00 round-figures will return to the charts.
USD/INR daily chart
Trend: Further weakness expected
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.