- USD/INR sellers attack intraday low while extending pullback from eight-day-old resistance.
- Bullish MACD can trigger another bounce before 200-bar SMA.
- November 13 high may lure buyers on breaking channel formation.
USD/INR marks 0.12% intraday losses while staying heavy near 74.18 ahead of the Indian market’s open on Tuesday. The pair rose to Friday’s high the previous day before reversing from the upper line of an immediate descending channel.
Although bullish MACD suggests the pair’s strength unless breaking below 200-bar SMA, an intermediate drop to 74.00 can’t be ruled out.
Not only the 200-bar SMA level of 73.97 but the support line of the stated channel, at 73.82 now, also challenges the USD/INR sellers.
On the flip side, an upside clearance of 74.30 can trigger a fresh rise towards November 13 top near 74.80 while the pair’s following upside may be hindered by the monthly top surrounding 75.00.
During the quote’s sustained rise past-75.00, August month’s high near 75.30 and the mid-July peak close to 75.52 could return to the charts.
USD/INR four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||74.1802|
|Today Daily Change||-0.0870|
|Today Daily Change %||-0.12%|
|Today daily open||74.2672|
|Previous Daily High||74.2766|
|Previous Daily Low||74.0218|
|Previous Weekly High||74.6046|
|Previous Weekly Low||74.0672|
|Previous Monthly High||74.693|
|Previous Monthly Low||72.9572|
|Daily Fibonacci 38.2%||74.1793|
|Daily Fibonacci 61.8%||74.1192|
|Daily Pivot Point S1||74.1005|
|Daily Pivot Point S2||73.9338|
|Daily Pivot Point S3||73.8457|
|Daily Pivot Point R1||74.3553|
|Daily Pivot Point R2||74.4434|
|Daily Pivot Point R3||74.6101|
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.