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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	76.0692
Today Daily Change	0.1692
Today Daily Change %	0.22%
Today daily open	75.9

Trends
Daily SMA20	75.1295
Daily SMA50	74.7654
Daily SMA100	74.8691
Daily SMA200	74.4533

Levels
Previous Daily High	76.0195
Previous Daily Low	75.5426
Previous Weekly High	75.9006
Previous Weekly Low	74.3785
Previous Monthly High	75.9006
Previous Monthly Low	74.3785
Daily Fibonacci 38.2%	75.8373
Daily Fibonacci 61.8%	75.7248
Daily Pivot Point S1	75.6219
Daily Pivot Point S2	75.3438
Daily Pivot Point S3	75.145
Daily Pivot Point R1	76.0988
Daily Pivot Point R2	76.2976
Daily Pivot Point R3	76.5757

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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