USD/INR Price News: Indian rupee jumps back towards 74.00 but sellers remain hopeful
|- USD/INR eases from two-month high, snaps two-day uptrend.
- Bullish MACD, sustained break of 73.85 confluence keep pair buyers hopeful.
- Monthly resistance line guards immediate upside, ascending trend channel favor bulls.
USD/INR drops back to 74.25, down 0.11% intraday ahead of Thursday’s European trading session.
In doing so, the Indian rupee (INR) pair steps back from the two-month high, flashed the previous day. The reason could be linked to the inability to defy a one-month-old rising channel on a daily closing basis.
However, the corrective pullback doesn’t allow the sellers to retake the controls amid bearish MACD signals, as well as sustained trading beyond a confluence of 100-DMA and a descending trend line from July near 73.85.
Even if the quote drops below 73.85 key support, the lower line of the stated channel around 73.75 will challenge the USD/INR bears.
Alternatively, fresh upside needs to provide a daily closing beyond the channel’s resistance line, at 74.43 by the press time, to convince the pair buyers.
Following that, the monthly high of 74.57 and 74.90 may check the USD/INR bulls before directing them to July’s top of 75.01.
Overall, USD/INR remains on the front foot after crossing the key hurdle. However, the further upside needs a strong push, which in turn seeks a fundamental boost.
USD/INR: Daily chart
Trend: Further upside expected
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