USD/INR Price Analysis: Indian rupee bulls attack previous support line around 72.50

USD/INR struggles to extend the previous day’s recovery moves amid a sluggish start to Tuesday’s Indian trading session. In doing so, the Indian rupee (INR) pair battles the previous support line from late February while taking rounds to 72.52 by the press time.

Considering the pair’s repeated pullbacks from 10-day SMA, followed by the latest trend line breakdown, amid bearish MACD, USD/INR sellers are likely to keep the reins unless the quote rises past the immediate SMA level of 72.80. On its way, the support-turned-resistance line around 72.60 seems to guard the nearby upside.

In a case where USD/INR bulls manage to provide a daily closing beyond 72.80, the last week’s swing high near 73.10, followed by the early May lows near 73.20, will be the key challenges for them.

Meanwhile, fresh selling pressure could aim for May’s low of 72.33 before highlighting the bottoms marked during March and February, respectively near 72.25 and 72.17, for the sellers.

It should, however, be noted that a downward sloping trend line from mid-April near the 72.00 round figure will be a tough nut to crack for the USD/INR bears below 72.17.

USD/INR daily chart

Trend: Bearish