USD/INR Price News: Indian rupee bears attack 50-day EMA to retain controls

USD/INR stays firmer around intraday high, up for the second consecutive day.
Steady RSI suggests continuation of trading inside short-term range.
Monthly resistance line, horizontal area from late June become strong levels to watch.

Anil Panchal FXStreet

USD/INR stays mildly bid for the second day, extending bounce off three-week low, while picking up bids to 74.20 during early Wednesday.

In doing so, the Indian rupee (INR) pair buyers jostle with the 50-day EMA amid steady RSI conditions.

While rebound from the strong support near 74.00, comprising multiple levels marked since late June, joins firmer RSI conditions to keep the buyers hopeful, a downward sloping trend line from July 21, close to 74.50, challenges the pair’s further upside, if it crosses immediate EMA hurdle of 74.20.

It’s worth noting that the upside break of 74.50 needs validation from June’s top surrounding 74.90 to regain the 75.00 threshold.

On the contrary, a daily closing below 74.00 will make the USD/INR prices vulnerable to drop towards June 02 top near 73.30.

Overall, USD/INR is likely to remain sidelined between the 74.00 round figure and 74.50.

USD/INR: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	74.2022
Today Daily Change	0.0629
Today Daily Change %	0.08%
Today daily open	74.1393

Trends
Daily SMA20	74.2813
Daily SMA50	74.3686
Daily SMA100	74.0497
Daily SMA200	73.6193

Levels
Previous Daily High	74.2297
Previous Daily Low	74.0803
Previous Weekly High	74.4766
Previous Weekly Low	74.0954
Previous Monthly High	75.0155
Previous Monthly Low	74.2104
Daily Fibonacci 38.2%	74.1726
Daily Fibonacci 61.8%	74.1374
Daily Pivot Point S1	74.0699
Daily Pivot Point S2	74.0004
Daily Pivot Point S3	73.9205
Daily Pivot Point R1	74.2193
Daily Pivot Point R2	74.2992
Daily Pivot Point R3	74.3687

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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