USD/INR Price Analysis: Indian rupee bulls look to 200-DMA retest
- 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
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.


















