- USD/INR stays offered near weekly bottom, prints three-day losing streak.
- 50-day SMA, four-month-old falling trend line offer immediate support.
- Bulls can look for a daily close beyond 200-day SMA for trend reversal.
USD/INR holds lower ground near 73.12, down 0.20% intraday, amid the initial Indian session on Wednesday. In doing so, the quote drops for the third consecutive day after stepping back from 200-day SMA on Friday.
Not only another U-turn from 200-day SMA but downward sloping RSI also directs USD/INR sellers towards re-testing the 50-day SMA level of 73.02.
However, the pair’s weakness past-73.02 will be challenged by the 73.00 threshold and the prior resistance line from November, currently around 72.85.
Meanwhile, fresh upside momentum can aim for 73.50 and the 74.00 round-figure before trying to conquer the tough nut to the north, namely the 200-day SMA level of 74.02.
Although USD/INR bulls are likely not to cross the 74.02 hurdle, a daily closing beyond the same will not hesitate to poke the late 2020 top close to the 75.00 level.
USD/INR daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||73.1276|
|Today Daily Change||-0.1365|
|Today Daily Change %||-0.19%|
|Today daily open||73.2641|
|Previous Daily High||73.515|
|Previous Daily Low||73.1886|
|Previous Weekly High||74.1841|
|Previous Weekly Low||72.1719|
|Previous Monthly High||74.1841|
|Previous Monthly Low||72.1719|
|Daily Fibonacci 38.2%||73.3133|
|Daily Fibonacci 61.8%||73.3903|
|Daily Pivot Point S1||73.1301|
|Daily Pivot Point S2||72.9962|
|Daily Pivot Point S3||72.8037|
|Daily Pivot Point R1||73.4565|
|Daily Pivot Point R2||73.649|
|Daily Pivot Point R3||73.7829|
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