- USD/INR rebounds from 15-week low, following the previous day’s candlestick formation.
- MACD conditions keep sellers hopeful till the quote stays below 74.75.
- 200-DMA, 61.8% Fibonacci retracement challenges short-term recovery.
USD/INR justifies the Doji candlestick formation at a multi-day low to pick up bids to 73.84, up 0.10% intraday during early Thursday.
The trend reversal suggesting candlestick gains additional attention due to the nearness to the 78.6% Fibonacci retracement (Fibo.) level of September-December 2021 upside, near 73.67.
Even so, bearish MACD signals and sustained trading below a four-month-old support line, now resistance around 74.75, keep USD/INR sellers hopeful.
That said, the latest rebound may aim for the confluence of 200-DMA and 61.8% Fibo. level around 74.30. Also acting as the immediate resistance is the 74.00 threshold.
Meanwhile, a downside break of the 78.6% Fibonacci retracement level near 73.67 will aim for the mid-September lows near 73.35 before directing the quote to the bottoms marked in September and May, respectively around 72.90 and 72.35.
To sum up, USD/INR prices are likely to rebound but the bulls have a long way before retaking the controls.
USD/INR: Daily chart
Trend: Short-term recovery expected
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