USD/INR Price News: 100-DMA tests Indian rupee pullback from five-week top above 73.00

USD/INR fades bounce off multi-day low but snaps two-day downtrend.
72.80 lures bears ahead of the key support trend lines.
Bulls may remain worried below mid-April lows, corrective bounce may eye 73.60.

Anil Panchal FXStreet

USD/INR trims intraday gains while easing to 73.32 amid the initial Indian session on Monday. The Indian rupee pair dropped to the lowest since early April on Friday before recently witnessing a short-covering move.

However, bearish MACD and 100-day SMA (DMA) seem to test the USD/INR buyers around 73.35, a daily closing beyond which may eye for the 74.00 threshold and February’s top surrounding 74.20.

It should be noted, though, that a clear run-up beyond 74.20 becomes necessary for the USD/INR bulls to retake control.

On the contrary, the 73.00 round figure, followed by multiple supports near 72.80, may please short-term USD/INR sellers.

In a case where the USD/INR prices drop below 72.80, an ascending trend line from December 2019 and a 16-month-old horizontal support line, respectively near 72.45 and 72.30, will be in the spotlight.

USD/INR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	73.347
Today Daily Change	0.0360
Today Daily Change %	0.05%
Today daily open	73.311

Trends
Daily SMA20	74.5254
Daily SMA50	73.6429
Daily SMA100	73.354
Daily SMA200	73.6382

Levels
Previous Daily High	73.735
Previous Daily Low	73.1972
Previous Weekly High	74.311
Previous Weekly Low	73.1972
Previous Monthly High	75.6321
Previous Monthly Low	73.1696
Daily Fibonacci 38.2%	73.4026
Daily Fibonacci 61.8%	73.5296
Daily Pivot Point S1	73.0938
Daily Pivot Point S2	72.8766
Daily Pivot Point S3	72.556
Daily Pivot Point R1	73.6316
Daily Pivot Point R2	73.9522
Daily Pivot Point R3	74.1694

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.