- USD/INR keeps pullback moves from 200-bar EMA inside a bearish chart pattern.
- MACD histogram also favors the sellers targeting to refresh the monthly low.
- 61.8% Fibonacci retracement adds to the upside barriers.
USD/INR remains depressed around 73.36, down 0.03% intraday, ahead of the Indian market open on Tuesday. The pair took a U-turn from 200-bar EMA the previous day while snapping a two-day uptrend.
With the bearish MACD joining the quote’s pullback from the key EMA, sellers are likely to keep the reins.
However, a confirmation of the short-term rising wedge bearish formation on the four-hour chart (H4), with a downside break of 73.33 support line, becomes necessary for the sellers to tighten their grips.
Following that, the 73.00 threshold can offer an intermediate halt ahead of directing the USD/INR bears to challenge the monthly low of 72.95.
Meanwhile, an upside clearance of 200-bar EMA, currently around 73.55, will have to cross the bearish chart pattern’s resistance line, at 73.60, to defy the downside signals.
It should also be noted that 61.8% Fibonacci retracement of the pair’s September 24 to October 09 downside, at 73.62, followed by the October 07 high of 73.64, will raise bars for the USD/INDR bull’s entry past-73.60.
USD/INR daily chart
Additional important levels
|Today last price||73.36|
|Today Daily Change||-0.0248|
|Today Daily Change %||-0.03%|
|Today daily open||73.3848|
|Previous Daily High||73.554|
|Previous Daily Low||73.3046|
|Previous Weekly High||73.524|
|Previous Weekly Low||72.9612|
|Previous Monthly High||74.022|
|Previous Monthly Low||72.7601|
|Daily Fibonacci 38.2%||73.3998|
|Daily Fibonacci 61.8%||73.4587|
|Daily Pivot Point S1||73.2749|
|Daily Pivot Point S2||73.165|
|Daily Pivot Point S3||73.0255|
|Daily Pivot Point R1||73.5244|
|Daily Pivot Point R2||73.6639|
|Daily Pivot Point R3||73.7738|
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