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