- USD/INR retreats towards intraday low, posts the heaviest daily losses since last Thursday.
- Doji suggests trend reversal, 10-DMA guards immediate downside.
- Easing bullish bias of MACD histogram, RSI conditions tease sellers.
USD/INR extends pullback from intraday top to 74.23, down 0.07% on a day, ahead of Wednesday’s European session. In doing so, the Indian rupee (INR) pair remains between 10-day SMA (DMA) and a three-month-old horizontal hurdle.
However, the pair’s Doji candlestick on Tuesday joins the oscillators suggesting the bulls’ hesitance, registered by MACD and RSI, to keep the pair sellers hopeful.
Hence, a daily closing below the 10-DMA level of 74.21 will be the key for bear’s entry targeting the 74.00 threshold.
During the quote’s weakness past the 74.00 round figure, early May tops surrounding 73.70 will be on USD/INR sellers’ radar.
Meanwhile, multiple levels marked since early April guards the pair’s short-term advances near 74.55 before directing the USD/INR bulls to the 75.00 psychological magnet.
Though, any further upside beyond 75.00 becomes difficult, which if portrayed could highlight the yearly top near 75.65 for the buyers.
USD/INR daily chart
Trend: Pullback expected
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