USD/INR Price Analysis: Indian rupee bears approach multi-day-old support near 76.50
- USD/INR remains firmer, eyes 11-week top marked on Wednesday.
- Five-week-old resistance line precedes, ascending trend line from late April 2021 to challenge further upside.
- Fortnight-long support limit nearby declines, 200-DMA becomes the key support.
USD/INR holds onto the previous day’s gains as bulls poke multi-day highs marked above 76.00 during early Friday morning in Europe.
The Indian rupee (INR) pair remains inside an upward sloping triangle formation established since late January, recently between 76.25 and 75.55.
Given the bullish MACD signals and the quote’s successful trading above 200-DMA, the USD/INR prices are likely to cross the 76.25 hurdle, which in turn directs the bulls towards a multi-day-old resistance line near 76.50.
However, overbought RSI conditions may test bulls past 76.50, if not then a 2021 high near 76.60 will be in focus.
Alternatively, pullback moves need to break 75.55 support before directing USD/INR bears towards the 75.00 threshold.
Even so, the 200-DMA level of 74.47 and January’s low of 73.72 will test the USD/INR sellers afterward.
USD/INR: Daily chart
Trend: Further upside expected
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.
