- USD/INR extends pullback from 21-DMA, stays pressured near intraday low.
- Bearish MACD, descending RSI line back the pair sellers.
- Ascending trend line from late June, five-month-old horizontal area challenge further downside.
USD/INR remains depressed for the second consecutive day after stepping back from 21-DMA, down 0.17% intraday around 74.30 during early Thursday.
In doing so, the Indian rupee (INR) pair battles a five-week-old support line near a horizontal area comprising multiple levels since February 26.
Considering the most bearish signals from the MACD since late May, coupled with the gradually descending RSI, USD/INR sellers should remain hopeful to break the stated support line, near 74.30, followed by the broad support zone above 74.18.
Also challenge the pair’s south-run could be the late June’s swing low and 50-DMA, respectively around the 74.00 threshold and 73.88.
Meanwhile, USD/INR buyers are less likely to take the risk of entries until the quote jumps back above the 21-DMA level of 74.55.
Following that, the monthly peak near 75.00 and 75.30 may test the pair bulls ahead of directing them to the yearly high surrounding 75.65.
USD/INR: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||74.3035|
|Today Daily Change||-0.1267|
|Today Daily Change %||-0.17%|
|Today daily open||74.4302|
|Previous Daily High||74.5613|
|Previous Daily Low||74.342|
|Previous Weekly High||75.0155|
|Previous Weekly Low||74.3213|
|Previous Monthly High||74.5135|
|Previous Monthly Low||72.4854|
|Daily Fibonacci 38.2%||74.4258|
|Daily Fibonacci 61.8%||74.4775|
|Daily Pivot Point S1||74.3277|
|Daily Pivot Point S2||74.2253|
|Daily Pivot Point S3||74.1085|
|Daily Pivot Point R1||74.547|
|Daily Pivot Point R2||74.6638|
|Daily Pivot Point R3||74.7662|
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