USD/INR Price News: Indian rupee bears pierce key trend line, 200-SMA above 74.50


  • USD/INR takes the bids to refresh intraday high, rises the most in two weeks.
  • Clear upside break of six-week-old trend line, 200-SMA joins upbeat RSI to favor buyers.
  • 50% Fibonacci retracement will validate the run-up towards 75.00.

USD/INR jumps the most in a week, refreshes intraday high to 74.70 during Friday’s European morning.

The Indian rupee (INR) pair’s run-up could be linked to the successful break of a descending trend line from October 12 and 200-SMA. Given the absence of overbought RSI, the upside momentum has further room towards the north.

However, 50% Fibonacci retracement (Fibo.) of October-November declines, around 74.75, acts as a validation point for the quote’s run-up towards the 75.00 threshold.

Following that, a monthly high of 75.20 and an October 18 peak of 75.37 may entertain USD/INR bulls before directing them to the last month’s top near 75.65.

On the contrary, a daily closing below the stated resistance-turned-support line of 74.58 will aim for the weekly support line near 74.45.

It should be noted, however, that the USD/INR weakness past 74.45 will make it vulnerable to decline towards the 74.00 round figure, comprising the November 18 low.

USD/INR: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 74.7011
Today Daily Change 0.2066
Today Daily Change % 0.28%
Today daily open 74.4945
 
Trends
Daily SMA20 74.4159
Daily SMA50 74.5299
Daily SMA100 74.2994
Daily SMA200 73.9235
 
Levels
Previous Daily High 74.625
Previous Daily Low 74.4685
Previous Weekly High 74.5235
Previous Weekly Low 74.023
Previous Monthly High 75.651
Previous Monthly Low 74.0821
Daily Fibonacci 38.2% 74.5283
Daily Fibonacci 61.8% 74.5653
Daily Pivot Point S1 74.4337
Daily Pivot Point S2 74.3729
Daily Pivot Point S3 74.2772
Daily Pivot Point R1 74.5902
Daily Pivot Point R2 74.6859
Daily Pivot Point R3 74.7467

 

 

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