USD/INR Price News: Indian rupee again bounces off monthly support below 76.00

USD/INR retreats from 10-week high, snaps two-day winning streak.
RSI hints at a pullback towards 61.8% Fibonacci retracement level.
Weekly support line, bullish MACD signals can defend buyers afterward.
Upside break of 76.20 will aim for December 2021 peak.

Anil Panchal FXStreet

USD/INR takes a U-turn from the highest levels since late December 2021, sidelined around 75.80 during the initial Indian trading session on Wednesday.

The Indian rupee (INR) pair’s pullback marks another failure to cross an upward sloping resistance line from January 03, as well as nearly overbought the RSI line.

However, the 61.8% Fibonacci retracement of December-January downside, around 75.50, will challenge the intraday pair sellers.

Should the quote remain bearish past-75.50, a one-week-old support line near 95.30 will test the downside moves ahead of highlighting the 100-DMA and 200-DMA, respectively around 74.85 and 74.45.

Meanwhile, the aforementioned resistance line, at 76.20 by the press time, holds the key to the USD/INR rally towards the latest 2021 peak of 76.59.

Overall, USD/INR bulls have gone a long way and hence a pullback can be expected. Though, bears are far away from taking control.

USD/INR: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	75.7725
Today Daily Change	-0.0834
Today Daily Change %	-0.11%
Today daily open	75.8559

Trends
Daily SMA20	75.0322
Daily SMA50	74.7473
Daily SMA100	74.8571
Daily SMA200	74.4244

Levels
Previous Daily High	75.8993
Previous Daily Low	75.2242
Previous Weekly High	75.9006
Previous Weekly Low	74.3785
Previous Monthly High	75.9006
Previous Monthly Low	74.3785
Daily Fibonacci 38.2%	75.6414
Daily Fibonacci 61.8%	75.4821
Daily Pivot Point S1	75.4203
Daily Pivot Point S2	74.9847
Daily Pivot Point S3	74.7452
Daily Pivot Point R1	76.0954
Daily Pivot Point R2	76.3349
Daily Pivot Point R3	76.7705

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.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.