USD/INR Price Analysis: Indian rupee drops to record low versus greenback, focus on 77.00

USD/INR remains on the front foot while refreshing the record high.
Bearish MACD, nearly overbought RSI could trigger pullback from the upper bank of the Bollinger.

Anil Panchal FXStreet

After multiple attempts to take out the monthly ascending trend line, USD/INR refreshes the record high to 76.82, currently up 0.25% to 76.77, ahead of the European market open on Thursday.

The pair currently rises towards the upper bank of the Bollinger, near 77.00, but overbought RSI conditions and bearish MACD might trigger a pullback around then.

However, sellers are less likely to enter the trade unless the pair drops below the resistance-turned-support line, at 76.67 now, while targeting the middle-band of the Bollinger, near 76.02.

It should also be noted that any further selling below 76.02 will target March 27 low surrounding 74.36.

On the fundamental side, the International Monetary Fund’s (IMF) warning for Asian economies and the coronavirus outbreak in India seems to keep the pair buyers hopeful.

USD/INR daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	76.7975
Today Daily Change	0.3150
Today Daily Change %	0.41%
Today daily open	76.4825

Trends
Daily SMA20	75.8356
Daily SMA50	73.899
Daily SMA100	72.5632
Daily SMA200	71.7318

Levels
Previous Daily High	77.11
Previous Daily Low	75.7425
Previous Weekly High	77.55
Previous Weekly Low	75.2525
Previous Monthly High	77.86
Previous Monthly Low	71.9975
Daily Fibonacci 38.2%	76.5876
Daily Fibonacci 61.8%	76.2649
Daily Pivot Point S1	75.78
Daily Pivot Point S2	75.0775
Daily Pivot Point S3	74.4125
Daily Pivot Point R1	77.1475
Daily Pivot Point R2	77.8125
Daily Pivot Point R3	78.515

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.

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.