USD/INR Price News: Indian rupee regains below key SMA confluence of 72.85
|- USD/INR snaps two-day winning streak, stays depressed near intraday low off-late.
- 21-day, 50-day SMA convergence guards immediate upside ahead of 17-day-old resistance line.
- 72.50 lures intraday sellers but multiple barriers can test bears afterward.
USD/INR extends pullback from 72.20 to around 72.60, down 0.07% intraday, during the initial Indian session on Thursday. In doing so, the quote rejected the previous two-day upside bias while easing below a confluence of 21-day and 50-day SMA.
Given the normal RSI conditions joining the pair’s repeated failures to cross the key SMA joint and a descending trend line from March 02, USD/INR is likely to hold lower grounds.
During the fall, the 72.50 round-figure comprising the mid-February lows can offer immediate support ahead of the monthly bottom near 72.25.
However, the yearly low near 72.17 and the 72.00 threshold can test the USD/INR bears afterward.
Meanwhile, a daily closing beyond the stated SMA convergence near 72.85 will need validation from the short-term resistance line, at 73.01 by the press time, before recalling the USD/INR buyers.
If at all the quote successfully stays above 73.01, March 08 high near 73.40 and the yearly top near 74.20 will be the key to watch.
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.