USD/INR Price News: Indian rupee consolidates biggest daily jump in a year around 73.50
- USD/INR portrays a corrective pullback near 11 week lows.
- 200-DMA guards immediate upside, bearish MACD, Friday’s break of the key supports favor sellers.
- 61.8% Fibonacci retracement level lures short-term bears.
USD/INR licks its wounds around 73.52, up 0.05% intraday, after marking the heaviest slump since August 2020. That said, the Indian rupee (INR) pair refreshed multi-day low during Monday’s Asian session before bouncing off 73.42.
However, 200-DMA restricts the pair’s rebound amid bearish MACD. Also favoring the USD/INR sellers is the sustained downside break of 100-DMA and 10-week-old horizontal support, portrayed on Friday.
Hence, USD/INR bears remain directed towards the south but a short-term recovery can’t be ruled should the pair rise past the 200-DMA level of 73.62.
Following that, 100-DMA and the aforementioned support-turned-resistance, respectively around 74.00 and 74.10, could challenge the pair buyers ahead of a downward sloping resistance line from July 20 around 74.35.
Meanwhile, 61.8% Fibonacci retracement level of May–July upside, near 73.35, can entertain intraday sellers during the pair’s further weakness before highlighting the 73.00 round figure.
Should USD/INR bears remain dominant past 73.00, odds of witnessing May’s bottom surrounding 72.33 back to the chart can’t be ruled out.
USD/INR: Daily chart
Trend: Further downside expected
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.
