USD/INR Price News: Indian rupee buyers aim for 72.50 key level

USD/INR bounces off intraday low but stays mildly offered.
Downside break of 61.8% Fibonacci retracement level, MACD signal back sellers.
Weekly closing beyond 74.50 could convince buyers, 17-month-old support line tests bears.

Anil Panchal FXStreet

USD/INR remains on a back foot, despite recent corrective pullback to 72.86, down 0.07% intraday, amid early Monday.

In doing so, the Indian rupee (INR) pair keeps the previous week’s downside break of 61.8% Fibonacci retracement of September 2019 to April 2020 upside. Also favoring the USD/INR sellers is the MACD conditions that tease bears of late.

It should, however, be noted that an ascending trend line from December 2019, around 72.50, becomes the tough nut to crack for USD/INR sellers.

In a case where the quote drops below 72.50 on a weekly closing, 72.20 and the 72.00 support levels could return to the chart ahead of highlighting the late 2019 lows near 70.40.

Alternatively, corrective pullback needs to cross the 61.8% Fibonacci retracement level of 73.22 to lure the short-term buyers. Even so, 50% Fibonacci retracement and a horizontal line since mid-2020, respectively around 74.10 and 74.55, will test the USD/INR bulls afterward.

If at all the USD/INR prices rally beyond 74.55, which is likely considering the lower high formation since early 2020, the yearly top near 75.65 will be challenged.

USD/INR weekly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	72.87
Today Daily Change	-0.0464
Today Daily Change %	-0.06%
Today daily open	72.9164

Trends
Daily SMA20	73.6538
Daily SMA50	73.6959
Daily SMA100	73.3304
Daily SMA200	73.5571

Levels
Previous Daily High	73.076
Previous Daily Low	72.7787
Previous Weekly High	73.7148
Previous Weekly Low	72.7787
Previous Monthly High	75.6321
Previous Monthly Low	73.1696
Daily Fibonacci 38.2%	72.8923
Daily Fibonacci 61.8%	72.9625
Daily Pivot Point S1	72.7714
Daily Pivot Point S2	72.6264
Daily Pivot Point S3	72.474
Daily Pivot Point R1	73.0687
Daily Pivot Point R2	73.2211
Daily Pivot Point R3	73.3661

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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