USD/INR Price News: Indian rupee probes 50-day SMA, inside short-term falling channel
|- USD/INR extends Wednesday’s recovery moves to challenge the 50-day SMA.
- A five-week-old falling trend channel keeps sellers hopeful amid bearish MACD.
- Bulls will wait for the upside break of the channel for fresh entries.
USD/INR takes the bids near 75.61, up 0.25% on a day, during the pre-Europe session on Thursday. In doing so, the pair probes 50-day SMA inside a multi-day-old falling trend channel.
A sustained break of a 50-day SMA level of 75.60 becomes necessary for the buyers to challenge the bearish technical pattern. Following that, 76.20 can act as an intermediate resistance ahead of the channel’s upper line of 76.45.
Should the USD/INR prices cross 76.45 on a daily closing basis, April 21 high near 77.00 can stop the bulls before pushing them to the April monthly top close to 77.40.
Meanwhile, 75.00 can offer immediate support to the pair ahead of highlighting the channel’s lower line, near 74.70.
If at all the quote drops below 74.70, the early March top near 74.58 can lure the bears.
USD/INR daily chart
Trend: Bearish
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.