USD/INR Price News: Indian rupee eases from multi-day top above 72.00, bears await confirmation
|- USD/INR bounces off the lowest since March 2020.
- Weekly resistance line, 200-bar SMA guard immediate upside.
- Early 2020 tops challenge further declines ahead of the 72.00 threshold.
USD/INR marks a corrective pullback to 72.40, despite staying depressed for the fifth consecutive day, during the initial Indian session on Tuesday. The quote refreshed an 11-month low the previous day but failed to slip beneath 72.32.
While nearly oversold RSI conditions suggest a mild pullback in USD/INR prices, a downward sloping trend line from the last Wednesday, around 72.50, could lure the counter-trend traders.
It should, however, be noted that the quote’s run-up from 72.50 will eye reversing the latest south-run while attacking the 200-bar SMA level of 72.94. Also acting as an upside filter is the 73.00 round-figure.
Given the multiple speed-breakers to the north, USD/INR buyers are likely to have a bumpy road.
However, the quote’s further weakness isn’t so smooth as January 2020 tops near 72.20 and the 72.00 can test the USD/INR bears ahead of directing them to the yearly low of 70.51.
USD/INR four-hour chart
Trend: Further recovery 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.