USD/INR Price Analysis: Indian rupee retreats from 50% Fibo. but buyers stay hopeful

USD/INR struggles to extend the bounce off weekly low, consolidates biggest daily loss in two weeks.
Bearish MACD signals, multiple hurdles to the north signal challenges for buyers.
Monthly support line, 200-SMA act as strong support.

Anil Panchal FXStreet

USD/INR fades corrective pullback from short-term key support above 75.00 during Wednesday's Asian session. That said, the Indian rupee (INR) pair retreats to 75.25 by the press time.

In addition to the failure to keep rebound from the weekly bottom, also comprising the 50% Fibonacci retracement (Fibo.) of the December-January downturn, bearish MACD signals also hint at the quote’s another attempt to break the stated crucial support near 75.15.

Following that, an upward sloping trend line from January 12, near 74.90, as well as the 200-SMA level of 74.62, will challenge the USD/INR sellers.

In a case where the pair remains bearish past 74.62, December 2021 bottom surrounding 74.10 may entertain the bears ahead of January 2022 low close to 73.70.

Meanwhile, January’s top of 75.35 and the 61.8% Fibo. around 75.50 restrict short-term upside momentum of the USD/INR prices.

Also acting as an upside hurdle is the monthly top near 75.70 and the 76.00 threshold.

To sum up, USD/INR bears can ignore the latest rebound of the pair prices.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	75.2556
Today Daily Change	0.0781
Today Daily Change %	0.10%
Today daily open	75.1775

Trends
Daily SMA20	74.8695
Daily SMA50	74.9081
Daily SMA100	74.8246
Daily SMA200	74.3291

Levels
Previous Daily High	75.7177
Previous Daily Low	75.1611
Previous Weekly High	75.6899
Previous Weekly Low	74.5868
Previous Monthly High	75.3425
Previous Monthly Low	73.7283
Daily Fibonacci 38.2%	75.3737
Daily Fibonacci 61.8%	75.5051
Daily Pivot Point S1	74.9865
Daily Pivot Point S2	74.7955
Daily Pivot Point S3	74.4299
Daily Pivot Point R1	75.5431
Daily Pivot Point R2	75.9087
Daily Pivot Point R3	76.0997

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.

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