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

 

 

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