USD/INR Price News: Doji around 78.6% Fibo. underpins Indian rupee pullback towards 74.00

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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	73.8424
Today Daily Change	0.0689
Today Daily Change %	0.09%
Today daily open	73.7735

Trends
Daily SMA20	74.7998
Daily SMA50	74.8342
Daily SMA100	74.5334
Daily SMA200	74.2903

Levels
Previous Daily High	74.0226
Previous Daily Low	73.7283
Previous Weekly High	74.6888
Previous Weekly Low	74.1557
Previous Monthly High	76.5958
Previous Monthly Low	74.1065
Daily Fibonacci 38.2%	73.8407
Daily Fibonacci 61.8%	73.9101
Daily Pivot Point S1	73.6604
Daily Pivot Point S2	73.5472
Daily Pivot Point S3	73.3661
Daily Pivot Point R1	73.9546
Daily Pivot Point R2	74.1357
Daily Pivot Point R3	74.2488

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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