USD/INR Price Analysis: Indian rupee clings to two-month high near 74.00 as RSI signals pullback


  • USD/INR seesaws near multi-day low, keeps bounce off 61.8% Fibonacci retracement level.
  • Oversold RSI conditions signal corrective pullback towards 200-DMA.
  • Ascending trend line from May adds to the downside filters.

USD/INR snaps four-day downtrend near the lowest levels last seen in November during early Tuesday. In doing so, the Indian rupee (INR) pair makes rounds to the 74.00 threshold.

The quote’s latest pause could be linked to the bounce off a 61.8% Fibonacci retracement (Fibo.) of May-December upside, as well as oversold RSI conditions.

It should be noted, however, that a clear downside break of the 200-DMA, around 74.30 at the latest, keeps USD/INR sellers hopeful.

Even if the pair crosses the 74.30 hurdle, a convergence of the previous support line from mid-September and 50% Fibo. will challenge the USD/INR buyers around 74.45.

On the contrary, a downside break of the immediate key Fibonacci support level of 73.96 will direct the pair towards an ascending support line from May, near 73.65.

Although the USD/INR weakness past 73.65 becomes less likely, sellers won’t hesitate to aim for September’s low of 72.90 if the support line breaks.

Overall, USD/INR sellers seem to have run out of fuel but buyers have major challenges before retaking the controls.

USD/INR: Daily chart

Trend: Recovery expected

Additional important levels

Overview
Today last price 74.067
Today Daily Change 0.0261
Today Daily Change % 0.04%
Today daily open 74.0409
 
Trends
Daily SMA20 75.0378
Daily SMA50 74.8642
Daily SMA100 74.5402
Daily SMA200 74.2918
 
Levels
Previous Daily High 74.4219
Previous Daily Low 73.9618
Previous Weekly High 74.6888
Previous Weekly Low 74.1557
Previous Monthly High 76.5958
Previous Monthly Low 74.1065
Daily Fibonacci 38.2% 74.1376
Daily Fibonacci 61.8% 74.2461
Daily Pivot Point S1 73.8612
Daily Pivot Point S2 73.6815
Daily Pivot Point S3 73.4012
Daily Pivot Point R1 74.3212
Daily Pivot Point R2 74.6015
Daily Pivot Point R3 74.7812

 

 

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