- USD/INR fades bounce off six-week low amid bearish MACD signals.
- Key DMA confluence restricts short-term advances before monthly resistance line.
- 61.8% Fibonacci retracement adds to the downside filters.
USD/INR consolidates the biggest daily gains in a month around 74.10 during early Wednesday.
The Indian rupee (INR) pair bounced off the 200-DMA the previous day but fades recovery below a convergence of the 100-DMA and 50-DMA of late.
Given the bearish MACD signals and the pair’s inability to surpass the key DMA resistance confluence, USD/INR prices are likely to remain pressured.
Hence, the 74.00 threshold seems likely the immediate support to watch before the 61.8% Fibonacci retracement (Fibo.) of August-October upside, around 73.95.
Should the quote drop below 73.95, the 200-DMA level of 73.83 will regain the market’s attention ahead of the mid-September lows close to 73.35.
Meanwhile, the 50% retracement near 74.25 guards the quote’s immediate upside ahead of the stated DMA confluence around 74.30.
In a case where USD/INR bulls cross the 74.30 key hurdle, 74.70 and a one-month-old resistance line near the 75.00 round figure may flash on their radar.
USD/INR: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||74.103|
|Today Daily Change||-0.0124|
|Today Daily Change %||-0.02%|
|Today daily open||74.1154|
|Previous Daily High||74.1454|
|Previous Daily Low||73.8515|
|Previous Weekly High||75.1908|
|Previous Weekly Low||74.174|
|Previous Monthly High||75.651|
|Previous Monthly Low||74.0821|
|Daily Fibonacci 38.2%||74.0332|
|Daily Fibonacci 61.8%||73.9638|
|Daily Pivot Point S1||73.9294|
|Daily Pivot Point S2||73.7435|
|Daily Pivot Point S3||73.6355|
|Daily Pivot Point R1||74.2234|
|Daily Pivot Point R2||74.3314|
|Daily Pivot Point R3||74.5173|
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