USD/INR Price News: Indian rupee consolidates losses below 73.70 key hurdle


  • USD/INR remains pressured around intraday low, reverses from six-week top.
  • Bullish MACD, successful trading beyond previous resistance from May, immediate support line keep buyers hopeful.
  • 50% Fibonacci retracement level adds to the upside filters.

USD/INR snaps two-day uptrend, fails to extend the Fed-led rally, while bouncing off intraday low of 73.58 to 73.69, down 0.19% on a day, amid the initial Indian session trading. In doing so, the Indian rupee (INR) pair reverses the previous day’s run-up beyond the 73.75-70 key area, comprising 50-day SMA and multiple levels marked since early March.

However, bullish MACD and the pairs’ sustained run-up beyond a six-week-old horizontal line, not to forget an ascending support line from May 28, backs the odds of the pair’s further upside.

Hence, USD/INR recovery could again wobble around 73.70-75 before heading towards the latest tops near 73.85 and then to 50% Fibonacci retracement level of April-May downside, close to the 74.00 threshold.

During the pair’s extended rise past 74.00, the mid-April lows near 74.55 should return to the charts.

On the flip side, a continuation of the bearish reversal could attack the horizontal support area around 73.30 before revisiting the short-term rising support line near 73.14.

Though, any further weakness below 73.14 will be questioned by the 73.00 round figure and 72.80 before highlighting the previous month’s low near 72.33 for the USD/INR bears.

Overall, USD/INR stays above the previously strong resistances and hence any pullback shouldn’t be considered bearish until the quote breaks 73.14 support.

USD/INR daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 73.5869
Today Daily Change -0.2441
Today Daily Change % -0.33%
Today daily open 73.831
 
Trends
Daily SMA20 72.9683
Daily SMA50 73.7205
Daily SMA100 73.3006
Daily SMA200 73.47
 
Levels
Previous Daily High 73.831
Previous Daily Low 73.257
Previous Weekly High 73.3146
Previous Weekly Low 72.7472
Previous Monthly High 74.311
Previous Monthly Low 72.3386
Daily Fibonacci 38.2% 73.6118
Daily Fibonacci 61.8% 73.4763
Daily Pivot Point S1 73.4483
Daily Pivot Point S2 73.0656
Daily Pivot Point S3 72.8743
Daily Pivot Point R1 74.0224
Daily Pivot Point R2 74.2137
Daily Pivot Point R3 74.5964

 

 

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