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.

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