USD/INR Price News: Indian rupee bulls keep reins below 75.00
|- USD/INR pares intraday losses after bouncing off monthly low the previous day.
- 100-SMA, weekly resistance line guard recovery moves, previous support add to the upside filters.
- 61.8% Fibonacci retracement level offers strong support below 200-SMA.
USD/INR struggles to keep the bounce off the 200-SMA, around 74.77, down 0.15% on a day during Tuesday’s Asian session.
The Indian rupee (INR) pair dropped to the lowest since January 24 on Monday before stepping back from a convergence of the 100-SMA and one-week-old descending trend line near 74.95.
That said, the latest rebound from the 200-SMA level near 74.65 gains support from the firmer MACD and RSI. However, a clear upside break of the 74.95 becomes necessary to challenge USD/INR bears.
Even so, the support-turned-resistance from January 12, close to 75.08-10, will probe the pair buyers before giving them controls to aim for January’s peak of 75.34.
During the USD/INR run-up beyond 75.34, the monthly high of 75.70 will be in focus.
On the contrary, 200-SMA and 61.8% Fibonacci retracement (Fibo.) of January-February upside, respectively around 74.67 and 74.48, will test short-term USD/INR bears.
In a case where the Indian rupee bulls dominate past 74.48, the 74.00 threshold may offer an intermediate halt during the pair’s south-run targeting the previous month’s trough surrounding 73.72.
USD/INR: Four-hour 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.