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.

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

 

 

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