- 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.
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
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