USD/INR Price News: Indian rupee snaps three-day uptrend on the way to 75.00
|- USD/INR picks up bids towards the intraday top.
- Three-week-old support line, February top test sellers ahead of the key SMA.
- Bulls need to stay beyond 75.20 before eyeing 10-month-long horizontal resistance.
USD/INR buyers are back after three-day off as the quote rises to 74.86, up 0.25% intraday, during the initial Indian trading session on Monday. In doing so, the Indian rupee pair justifies Friday’s bounce off an ascending trend line from March 29.
However, the receding bullish strength of the MACD suggests lesser upside scope for the USD/INR prices.
As a result, the 75.00 threshold and 75.20 gain the major attention of countertrend traders.
Though, a clear break of 75.20 will enable USD/INR bulls to battle the key 75.50 horizontal resistance comprising highs marked since mid-July.
Meanwhile, a downside break of the stated immediate support line, near 74.40, will direct short-term USD/INR sellers toward 74.20.
In a case where the pair drops below 74.20, 50% and 61.8% Fibonacci Retracements of February-April upside, respectively around 73.80 and 73.40, will join 200-day SMA level of 73.67 to test the bears.
Overall, USD/INR is bullish but the further upside will have a bumpy road.
USD/INR daily chart
Trend: Bullish
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.