USD/INR Price News: Indian rupee bears struggle to defend 76.00

USD/INR retreats from intraday high, after declining the most in six weeks the previous day.
20-SMA guards further upside but bears will wait for monthly support break for fresh entry.
Bulls need 76.30 breakout to aim for 77.00, 200-SMA will lure sellers during their dominance.

Anil Panchal FXStreet

USD/INR eases from an intraday high of 76.18 to 76.05 during early Monday morning in Europe. In doing so, the Indian rupee (INR) pair steps back from 20-SMA while consolidating the biggest daily loss since early November.

Although steady RSI favors the pair’s pullback moves, upward sloping trend lines from December 02 and November 24, respectively around 76.00 and 75.85 in that order, challenge the USD/INR bears.

Should the quote drop below 75.85, its fall towards the 200-SMA level of 74.93 is more likely. However, the late November’s swing high near 75.20 may offer an intermediate halt during the anticipated fall.

Meanwhile, further upside need not only cross the 20-SMA level of 76.16 but should also stay beyond the 76.30 multiple tops marked during the last Thursday to keep the USD/INR buyers hopeful.

Following that, the latest high around 76.60 and the 77.00 round figure will gain the market’s attention.

USD/INR: Four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	76.0475
Today Daily Change	0.0165
Today Daily Change %	0.02%
Today daily open	76.031

Trends
Daily SMA20	75.3231
Daily SMA50	74.9553
Daily SMA100	74.4627
Daily SMA200	74.1327

Levels
Previous Daily High	76.275
Previous Daily Low	75.9652
Previous Weekly High	76.5958
Previous Weekly Low	75.556
Previous Monthly High	75.1908
Previous Monthly Low	73.8515
Daily Fibonacci 38.2%	76.0835
Daily Fibonacci 61.8%	76.1566
Daily Pivot Point S1	75.9058
Daily Pivot Point S2	75.7805
Daily Pivot Point S3	75.5959
Daily Pivot Point R1	76.2156
Daily Pivot Point R2	76.4002
Daily Pivot Point R3	76.5255

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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