USD/INR Price News: Indian rupee eases from multi-day top above 72.00, bears await confirmation

USD/INR bounces off the lowest since March 2020.
Weekly resistance line, 200-bar SMA guard immediate upside.
Early 2020 tops challenge further declines ahead of the 72.00 threshold.

Anil Panchal FXStreet

USD/INR marks a corrective pullback to 72.40, despite staying depressed for the fifth consecutive day, during the initial Indian session on Tuesday. The quote refreshed an 11-month low the previous day but failed to slip beneath 72.32.

While nearly oversold RSI conditions suggest a mild pullback in USD/INR prices, a downward sloping trend line from the last Wednesday, around 72.50, could lure the counter-trend traders.

It should, however, be noted that the quote’s run-up from 72.50 will eye reversing the latest south-run while attacking the 200-bar SMA level of 72.94. Also acting as an upside filter is the 73.00 round-figure.

Given the multiple speed-breakers to the north, USD/INR buyers are likely to have a bumpy road.

However, the quote’s further weakness isn’t so smooth as January 2020 tops near 72.20 and the 72.00 can test the USD/INR bears ahead of directing them to the yearly low of 70.51.

USD/INR four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	72.403
Today Daily Change	-0.0549
Today Daily Change %	-0.08%
Today daily open	72.4579

Trends
Daily SMA20	72.8087
Daily SMA50	73.1193
Daily SMA100	73.5048
Daily SMA200	74.1227

Levels
Previous Daily High	72.591
Previous Daily Low	72.3273
Previous Weekly High	73.021
Previous Weekly Low	72.429
Previous Monthly High	73.569
Previous Monthly Low	72.8132
Daily Fibonacci 38.2%	72.4281
Daily Fibonacci 61.8%	72.4903
Daily Pivot Point S1	72.3264
Daily Pivot Point S2	72.195
Daily Pivot Point S3	72.0627
Daily Pivot Point R1	72.5902
Daily Pivot Point R2	72.7225
Daily Pivot Point R3	72.854

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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