USD/INR Price News: Indian rupee bulls march towards 73.85
|- USD/INR takes offers to refresh weekly low during two-day downtrend.
- 100-SMA, five-week-old resistance line guards immediate upside.
- Descending RSI line, not oversold, adds to the bearish bias.
- 200-SMA adds to the upside filters, multiple tops of September strengthen 73.85 support.
USD/INR stands on slippery grounds towards 74.00, down 0.15% intraday to form weekly bottom around 74.16. In doing so, the Indian rupee pair (INR) drops for the second consecutive day heading into Thursday’s European session.
The pair’s pullback on Wednesday could be linked to the failures to cross a convergence of the 100-SMA and a descending trend line from October 12, near 74.50. Also exerting downside pressure on the quote is the descending RSI line, not oversold.
Hence, USD/INR bears are all set to retest the monthly low of 73.85. However, any further weakness will be challenged as the bulls couldn’t cross the 73.85 level multiple times in September.
Should the quote drops below 73.85 on a daily closing basis, the mid-September’s swing low near 73.35 will be in focus ahead of the key 72.90 support level.
On the flip side, recovery moves need to cross the 74.50 level to convince USD/INR buyers.
Even so, a confluence of the 200-SMA and 50% Fibonacci retracement level of October-November drop, close 74.75, will be a tough nut to crack for the pair bulls, a break of which won’t hesitate to cross the 75.00 threshold.
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.