USD/INR Price News: 50-DMA tests India rupee sellers below 75.00

USD/INR bounces off four-month-old support line, monthly low to snap two-day downtrend.
Bearish MACD, 50-DMA challenge recovery moves, 100-DMA adds to the downside filters.

Anil Panchal FXStreet

USD/INR pare recent losses around 74.77, up 0.07% intraday during the late Asian session on Wednesday.

The Indian rupee (INR) pair dropped to the lowest levels since November 26 the previous day before bouncing off 74.58. The corrective pullback took place near an ascending trend line from early September, as well as the 100-DMA.

However, the 50-DMA level of 74.96 guards the quote’s immediate upside amid bearish MACD signals.

Even if the USD/INR buyers cross the 74.96 hurdle, the 75.00 threshold and a two-week-old descending trend line close to 75.25, will test the further upside before convincing the bulls.

Alternatively, the 100-DMA adds strength to the 74.58-53 support zone, a break of which will quickly recall the 74.00 round figure to the chart.

However, the USD/INR pair’s further weakness will make it vulnerable to test November’s low of 73.85.

USD/INR: Daily chart

Trend: Bearish bias remains intact

Additional important levels

Overview
Today last price	74.7515
Today Daily Change	0.0315
Today Daily Change %	0.04%
Today daily open	74.72

Trends
Daily SMA20	75.5028
Daily SMA50	74.9608
Daily SMA100	74.5282
Daily SMA200	74.2292

Levels
Previous Daily High	74.9818
Previous Daily Low	74.58
Previous Weekly High	76.1832
Previous Weekly Low	74.9755
Previous Monthly High	75.1908
Previous Monthly Low	73.8515
Daily Fibonacci 38.2%	74.7335
Daily Fibonacci 61.8%	74.8283
Daily Pivot Point S1	74.5394
Daily Pivot Point S2	74.3588
Daily Pivot Point S3	74.1377
Daily Pivot Point R1	74.9412
Daily Pivot Point R2	75.1623
Daily Pivot Point R3	75.3429

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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