USD/INR Price News: Indian rupee tests 200-HMA support after two-day sell-off
|- Rupee bears take a breather despite the DXY weakness.
- USD/INR set for additional upside looks to regain 74.00.
- The hourly chart appears constructive, 200-HMA key barrier.
USD/INR stalls its recovery from six-week lows of 73.41 just shy of the 74 level, as the bulls struggle to find acceptance above the critical 200-hourly moving average (HMA) at 73.89.
The two-day recovery rally in the cross picked up pace after the price broke above the three-day-old falling trendline resistance at 73.76.
The spot remains poised for further upside, as the Relative Strength Index (RSI) has eased-off the overbought region while holding firmer around 68.72. A breach of the 74 level remains inevitable, with the 21 and 50-HMA bullish crossover adding credence to the recovery momentum.
On the flip side, the horizontal 100-HMA at 73.80 is likely to cushion the immediate decline. Further south, the confluence of the 21-HMA and the aforementioned trendline resistance now support around 73.75 will be a tough nut to crack for the sellers.
USD/INR: Hourly chart
USD/INR: Additional levels
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.