USD/INR Price News: Impending bear cross flags Indian rupee strength around 76.00

USD/INR remains depressed after declining the most in a week the previous day.
50-SMA pierces 100-SMA from above, suggesting further downside amid steady RSI, sluggish MACD.
Failures to extend fortnight-old trend line break adds strength to the bearish bias.

Anil Panchal FXStreet

USD/INR struggles to defend the 76.00 threshold, sidelined during the mid-Asian session on Wednesday.

That said, the Indian rupee (INR) pair portrayed a bear-cross moving average formation suggesting further downside the previous day while posting the biggest daily loss in a week.

However, sluggish MACD and the resistance-turned-support line from March 08, near 75.95, challenge the USD/INR sellers.

On a clear break of the 75.95, the pair will confirm the bear cross and decline further towards the 200-SMA level surrounding 75.65.

However, the monthly low near 75.20 and the 75.00 psychological magnet will test the USD/INR pair’s further declines.

Alternatively, recovery moves remain elusive until crossing the SMA convergence near 76.25-30.

Following that, a run-up towards the 77.00 round figure and then to the monthly high around 77.17 can’t be ruled out.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	76.113
Today Daily Change	0.0168
Today Daily Change %	0.02%
Today daily open	76.0962

Trends
Daily SMA20	76.0429
Daily SMA50	75.2663
Daily SMA100	75.0562
Daily SMA200	74.677

Levels
Previous Daily High	76.4877
Previous Daily Low	75.991
Previous Weekly High	76.7592
Previous Weekly Low	75.7572
Previous Monthly High	75.9006
Previous Monthly Low	74.3785
Daily Fibonacci 38.2%	76.1807
Daily Fibonacci 61.8%	76.298
Daily Pivot Point S1	75.8956
Daily Pivot Point S2	75.6949
Daily Pivot Point S3	75.3989
Daily Pivot Point R1	76.3923
Daily Pivot Point R2	76.6884
Daily Pivot Point R3	76.889

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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