USD/INR Price News: Indian rupee snaps two-day recovery below 73.00
|- USD/INR rises for the first time in three days.
- Two-week-old triangle breakdown, bearish MACD favor sellers.
- Bulls have a bumpy road unless crossing 73.12.
USD/INR picks up bids around 72.78, up 0.12% intraday, during the pre-European session trading on Thursday. The Indian rupee currently bounces off the weekly low flashed the previous day but keeps the downside break of a short-term symmetrical triangle.
Other than the triangle breakdown, bearish MACD backs USD/INR sellers unless the recovery moves gains above the stated triangle’s resistance line, at 73.12 now.
During the rise, 200-bar SMA and the triangle support, respectively around 72.90 and 73.05, can offer intermediate halts.
Meanwhile, the monthly low around 72.60 offers immediate rest should the quote fades its corrective pullback, which is more likely.
Following that, the late February lows near 72.17 and the 72.00 threshold will be in the spotlight.
Overall, USD/INR remains depressed but the bulls seem to catch a breather and keep reins unless crossing the 73.12.
USD/INR four-hour 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.