USD/INR Price News: Indian rupee bears catch a breather around 75.50 key support


  • USD/INR prints mild losses despite recently bouncing off intraday low.
  • Bullish MACD, ascending triangle and sustained trading beyond 50-SMA back the buyers.
  • Bears have a bumpy road unless breaking 74.20.

USD/INR picks up bids to 75.39, down 0.07%, amid Thursday’s trading. Although markets in India are off, broad US dollar gains, backed by the coronavirus (COVID-19) woes, keeps the pair bulls hopeful despite the recent consolidation around the one-week top.

Also supporting the upside momentum are the bullish MACD signals and the pair’s sustained trading beyond 50-SMA, not to forget the rising triangle formation.

However, a clear break of 75.50, comprising the upper line of the stated triangle, becomes necessary for the USD/INR buyers targeting 75.80 levels, including 61.8% Fibonacci Expansion (FE) of the early April run-up, followed by pullback moves to April 16.

In a case where the quote remains firm above 75.80, the 76.00 round-figure and June 2020 peak surrounding 76.55 will be in the spotlight.

Meanwhile, pullback moves become less worrisome until breaking the stated triangle’s support line, around 74.68, a break of which can recall 200-SMA level of 73.46 on the chart.

Though, the 50-SMA level of 74.95 and the 74.00 are likely intermediate halts to watch should the pair mark a surprise drop.

USD/INR four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 75.3975
Today Daily Change -0.0499
Today Daily Change % -0.07%
Today daily open 75.4474
 
Trends
Daily SMA20 73.9491
Daily SMA50 73.2406
Daily SMA100 73.2775
Daily SMA200 73.6758
 
Levels
Previous Daily High 75.4738
Previous Daily Low 74.54
Previous Weekly High 75.496
Previous Weekly Low 74.298
Previous Monthly High 73.958
Previous Monthly Low 72.2569
Daily Fibonacci 38.2% 75.1171
Daily Fibonacci 61.8% 74.8967
Daily Pivot Point S1 74.8336
Daily Pivot Point S2 74.2199
Daily Pivot Point S3 73.8998
Daily Pivot Point R1 75.7674
Daily Pivot Point R2 76.0875
Daily Pivot Point R3 76.7012

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

GBP/USD resumes upside toward 1.3300 ahead of BoE rate call

GBP/USD resumes upside toward 1.3300 ahead of BoE rate call

The GBP/USD gains traction and approaches 1.3300 in European trading on Thursday, having found buyers near 1.3150. A broad US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements. 

GBP/USD News
EUR/USD rises further toward 1.1200, focus shifts to ECB-speak

EUR/USD rises further toward 1.1200, focus shifts to ECB-speak

EUR/USD stays strongly bid toward 1.1200 in the European session on Thursday. The pair capitalizes on a renewed US Dollar retreat and an upbeat mood. Traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed. 

EUR/USD News
Gold hovers close to new high of $2,600 after Fed meeting

Gold hovers close to new high of $2,600 after Fed meeting

Gold (XAU/USD) edges higher and trades back in the $2,580s on Thursday after falling to the $2,540s following the US Federal Reserve (Fed) decision on interest rates the prior day.

Gold News
BoE expected to keep interest rate unchanged at 5% as price pressures persist

BoE expected to keep interest rate unchanged at 5% as price pressures persist

After a close call in August, the Bank of England’s September interest rate decision is keenly awaited for fresh cues on the bank’s future policy action and the pace of its bond sales.

Read more
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures