USD/INR Price Analysis: Indian rupee struggles between 100-DMA and monthly resistance

USD/INR fades bounce off 100-DMA, consolidates weekly gains.
Buyers remain hopeful as MACD teases bullish cross, on sustained trading above 200-DMA.
74.70, July’s peak on the bull’s radar, ascending trend line from May adds to the downside filter.

Anil Panchal FXStreet

USD/INR takes offers to refresh intraday low around 74.40 ahead of Wednesday’s European session.

In doing so, the Indian rupee (INR) pair reverses the previous day’s bounce off the 100-DMA below a downward sloping trend line from October 12.

The quote’s ability to stay beyond the 200-DMA and the MACD line’s nearness to the bullish cross keeps the USD/INR buyers hopeful to overcome the stated resistance line, around 74.55 by the press time.

However, lows marked during late October and July’s top, respectively around 74.70 and 75.00, will challenge the bulls before directing them to the double tops marked near 75.65.

On the contrary, a daily closing below the 100-DMA level of 74.30 will redirect the quote to the 200-DMA level of 73.87.

Also acting as a downside filter is the six-month-old support line near 73.30 and the 74.00 threshold.

USD/INR: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	74.4359
Today Daily Change	-0.0276
Today Daily Change %	-0.04
Today daily open	74.4635

Trends
Daily SMA20	74.6023
Daily SMA50	74.4163
Daily SMA100	74.3115
Daily SMA200	73.8645

Levels
Previous Daily High	74.5235
Previous Daily Low	74.2737
Previous Weekly High	74.5738
Previous Weekly Low	73.8515
Previous Monthly High	75.651
Previous Monthly Low	74.0821
Daily Fibonacci 38.2%	74.4281
Daily Fibonacci 61.8%	74.3691
Daily Pivot Point S1	74.317
Daily Pivot Point S2	74.1704
Daily Pivot Point S3	74.0672
Daily Pivot Point R1	74.5668
Daily Pivot Point R2	74.67
Daily Pivot Point R3	74.8166

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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