USD/INR Price News: Indian rupee rebound remains elusive beyond 20-day EMA
|- USD/INR snaps four-day uptrend, extends pullback from three-week top.
- MACD teases bulls above short-term EMA, descending trend line from October 12 guards immediate upside.
USD/INR bounces off intraday low to 74.54, down 0.05% on a day during early Thursday. In doing so, the Indian rupee (INR) pair keeps the previous day’s pullback from the highest levels since November 03.
While a U-turn from the multi-day high justifies the pair’s inability to provide a daily close beyond a six-week-old resistance line, the quote’s sustained trading beyond 20-day EMA keeps buyers hopeful. Also favoring the USD/INR bulls is the MACD line that recently marked a bullish cross and inches towards the positive region.
That said, the pair buyers will seek a daily closing past the stated trend line resistance, around 74.62 by the press time, to extend the weekly run-up.
Following that, the 75.00 threshold and the monthly high near 75.15 may probe the USD/INR upside ahead of the previous monthly peak of 75.65.
Alternatively, a clear downside break of the 20-day EMA level of 74.45 will direct the USD/INR sellers towards an ascending support line from early September, near 74.08 by the press time.
Also acting as important support levels are the lows marked during the last week around the 74.00 round figure and the monthly trough of 73.85.
USD/INR: Daily chart
Trend: Further upside 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.