USD/INR Price Analysis: Heavy around 74.50 on RBI’s emergency rate cut

USD/INR extends losses from the record top.
RBI announces 75 basis points (bps) of the interest rate cut.
MACD teases bears, 21-day SMA offers nearby support.

Anil Panchal FXStreet

Given the RBI’s emergency rate cut of 75 bps, USD/INR drops to 74.62, intraday low of 74.46, while heading into the European open on Friday.

While the Indian central bank’s rate cut recently weighed on the pair, the quote took a U-turn from record top during the previous day.

Considering the likely inversion of the MACD histogram in favor of the bears for the first time in two months, the sellers target a 21-day SMA level of 74.35.

During the pair’s further declines below 74.35, 38.2% Fibonacci retracement of the current year’s upside till March 25, near 74.15, can please the sellers.

Alternatively, buyers will have to cross a 23.6% Fibonacci retracement level of 75.00 on a daily closing basis to restore the buyers’ confidence.

USD/INR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	74.3225
Today Daily Change	-0.3575
Today Daily Change %	-0.48%
Today daily open	74.68

Trends
Daily SMA20	74.3363
Daily SMA50	72.5945
Daily SMA100	71.9733
Daily SMA200	71.2399

Levels
Previous Daily High	77.14
Previous Daily Low	74.655
Previous Weekly High	76.275
Previous Weekly Low	73.705
Previous Monthly High	72.84
Previous Monthly Low	71.077
Daily Fibonacci 38.2%	75.6043
Daily Fibonacci 61.8%	76.1907
Daily Pivot Point S1	73.8433
Daily Pivot Point S2	73.0067
Daily Pivot Point S3	71.3583
Daily Pivot Point R1	76.3283
Daily Pivot Point R2	77.9767
Daily Pivot Point R3	78.8133

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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