USD/INR Price News: Indian rupee drops back to 73.00 as MACD signal flips

USD/INR takes the bids near intraday top while again piercing the 73.00 threshold.
MACD turns bullish, suggesting further recovery towards previous support.
Bears will wait for fresh low of the month for entries.

Anil Panchal FXStreet

USD/INR rises to 73.02, up 0.06% intraday, during the initial hour of the Indian trading session on Friday. In doing so, the quote teases the key psychological magnet thrice since Wednesday.

However, the flip in the MACD, in favor of the bulls, suggests the quote’s ability to challenge the earlier support line, now resistance, stretched from January 04 near 73.05.

In addition to the immediate resistance line, a downward sloping trend line from January 11 and 100-bar SMA, around 73.15, as well as a one-month-old resistance line, close to 73.20, also challenge USD/INR bulls.

Should the quote rallies past-73.20, 200-bar SMA and the monthly top, 73.40 and 73.56 respectively, will return to the charts.

On the contrary, the weekly low of 72.89 can challenge short-term USD/INR sellers ahead of directing them to the monthly bottom of 72.85. Also acting as a downside filter is September’s low close to 72.75.

To sum up, USD/INR remains in a downtrend even as the latest corrective pullback is likely to stay for now.

USD/INR four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	73.0282
Today Daily Change	0.0463
Today Daily Change %	0.06%
Today daily open	72.9819

Trends
Daily SMA20	73.22
Daily SMA50	73.6123
Daily SMA100	73.6582
Daily SMA200	74.4597

Levels
Previous Daily High	73.0323
Previous Daily Low	72.8953
Previous Weekly High	73.569
Previous Weekly Low	72.9795
Previous Monthly High	74.1215
Previous Monthly Low	72.9768
Daily Fibonacci 38.2%	72.98
Daily Fibonacci 61.8%	72.9477
Daily Pivot Point S1	72.9074
Daily Pivot Point S2	72.8329
Daily Pivot Point S3	72.7704
Daily Pivot Point R1	73.0444
Daily Pivot Point R2	73.1068
Daily Pivot Point R3	73.1813

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.

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