USD/INR Price News: Indian rupee bulls march towards 73.85

USD/INR takes offers to refresh weekly low during two-day downtrend.
100-SMA, five-week-old resistance line guards immediate upside.
Descending RSI line, not oversold, adds to the bearish bias.
200-SMA adds to the upside filters, multiple tops of September strengthen 73.85 support.

Anil Panchal FXStreet

USD/INR stands on slippery grounds towards 74.00, down 0.15% intraday to form weekly bottom around 74.16. In doing so, the Indian rupee pair (INR) drops for the second consecutive day heading into Thursday’s European session.

The pair’s pullback on Wednesday could be linked to the failures to cross a convergence of the 100-SMA and a descending trend line from October 12, near 74.50. Also exerting downside pressure on the quote is the descending RSI line, not oversold.

Hence, USD/INR bears are all set to retest the monthly low of 73.85. However, any further weakness will be challenged as the bulls couldn’t cross the 73.85 level multiple times in September.

Should the quote drops below 73.85 on a daily closing basis, the mid-September’s swing low near 73.35 will be in focus ahead of the key 72.90 support level.

On the flip side, recovery moves need to cross the 74.50 level to convince USD/INR buyers.

Even so, a confluence of the 200-SMA and 50% Fibonacci retracement level of October-November drop, close 74.75, will be a tough nut to crack for the pair bulls, a break of which won’t hesitate to cross the 75.00 threshold.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	74.173
Today Daily Change	-0.1210
Today Daily Change %	-0.16%
Today daily open	74.294

Trends
Daily SMA20	74.5765
Daily SMA50	74.4259
Daily SMA100	74.3111
Daily SMA200	73.872

Levels
Previous Daily High	74.5215
Previous Daily Low	74.2159
Previous Weekly High	74.5738
Previous Weekly Low	73.8515
Previous Monthly High	75.651
Previous Monthly Low	74.0821
Daily Fibonacci 38.2%	74.3326
Daily Fibonacci 61.8%	74.4048
Daily Pivot Point S1	74.1661
Daily Pivot Point S2	74.0382
Daily Pivot Point S3	73.8605
Daily Pivot Point R1	74.4717
Daily Pivot Point R2	74.6494
Daily Pivot Point R3	74.7773

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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