USD/INR Price News: Indian rupee bulls attack three-week-old support line near 74.50

USD/INR stays pressured near the lowest in eight days.
Oversold RSI suggests corrective pullback towards 100-SMA.
Two-month-old horizontal support, 200-SMA can lure the bears during further downside.

Anil Panchal FXStreet

USD/INR remains depressed around 74.46, down 0.13% intraday, as sellers jostle with short-term key support during the early Indian trading session on Wednesday.

Although the quote’s sustained trading below 100-SMA keeps favor USD/INR bears, oversold RSI signals a bounce off 74.40 immediate trend line support.

Should corrective pullback extends beyond the 100-SMA level of 74.80, the 75.00 threshold and 75.30 may entertain USD/INR buyers ahead of directing them to the multi-day top of 75.53.

Alternatively, a downside break of 74.40 isn’t an open invitation to USD/INR bears as the late February top near 74.20 and the 74.00 round-figure will test any further downside.

In a case where the pairs fail to recover from the 74.00, the 200-SMA level of 73.78 will gain the market’s attention.

USD/INR four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	74.4835
Today Daily Change	-0.0810
Today Daily Change %	-0.11%
Today daily open	74.5645

Trends
Daily SMA20	74.4935
Daily SMA50	73.4614
Daily SMA100	73.3354
Daily SMA200	73.6768

Levels
Previous Daily High	74.826
Previous Daily Low	74.5108
Previous Weekly High	75.6321
Previous Weekly Low	74.54
Previous Monthly High	73.958
Previous Monthly Low	72.2569
Daily Fibonacci 38.2%	74.6312
Daily Fibonacci 61.8%	74.7056
Daily Pivot Point S1	74.4415
Daily Pivot Point S2	74.3185
Daily Pivot Point S3	74.1263
Daily Pivot Point R1	74.7568
Daily Pivot Point R2	74.949
Daily Pivot Point R3	75.072

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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