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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

Additional important levels

Overview
Today last price74.103
Today Daily Change-0.0124
Today Daily Change %-0.02%
Today daily open74.1154
 
Trends
Daily SMA2074.7848
Daily SMA5074.2868
Daily SMA10074.304
Daily SMA20073.8264
 
Levels
Previous Daily High74.1454
Previous Daily Low73.8515
Previous Weekly High75.1908
Previous Weekly Low74.174
Previous Monthly High75.651
Previous Monthly Low74.0821
Daily Fibonacci 38.2%74.0332
Daily Fibonacci 61.8%73.9638
Daily Pivot Point S173.9294
Daily Pivot Point S273.7435
Daily Pivot Point S373.6355
Daily Pivot Point R174.2234
Daily Pivot Point R274.3314
Daily Pivot Point R374.5173

Author

Anil Panchal

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.

More from Anil Panchal
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