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.

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

Today last price 74.173
Today Daily Change -0.1210
Today Daily Change % -0.16%
Today daily open 74.294
Daily SMA20 74.5765
Daily SMA50 74.4259
Daily SMA100 74.3111
Daily SMA200 73.872
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD stays pressured towards 1.1200 on firmer dollar, yields

EUR/USD closes in on 1.1200, as global stocks take a plunge. The Fed's hawkishness is reverberating throughout markets, boosting the safe-haven US dollar. The US two-year Treasury yields jump to 23-month highs. US Q4 GDP awaited. 


GBP/USD hits monthly lows below 1.3450 amid Fed-led risk-aversion

GBP/USD is inching lower towards 1.3400, sitting at monthly lows amid the hawkish Fed outlook-led risk-aversion. The US dollar remains strongly bid in tandem with the Treasury yields. Brexit and UK political concerns add to the cable's downside. 


Gold bears await US Q4 GDP for the next leg lower Premium

Gold price is licking its wounds near weekly lows of $1,813, as bears take a breather in the aftermath of the Fed decision while waiting for the US advance Q4 GDP and Durable goods data. The US economy is likely to have regained steam in Q4, 2021.

Gold News

Why Bitcoin price could form a bottom following the January 28 options expiry

Bitcoin open interest volume by expiry date indicates a majority of bearish sentiment in the market. BTC options worth roughly $2 billion will expire by the end of this week. However, options expiry has correlated with massive liquidations and price crashes in the past.

Read more

US GDP Preview: Inflation component could steal the show, boost dollar. Premium

More than double than pre-pandemic – the 5% annualized growth rate expected for the fourth quarter is a reason to be cheerful. That may boost the dollar, but not stocks, which are wary of tighter monetary policy from the Fed.

Read more