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.

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD holds above 1.4050 after upbeat UK job figures

GBP/USD is trading above 1.4050, near the fresh 35-month highs as US yields retreat from the highs and push the dollar lower. UK wages rose by 4.7% in December and January's jobless claims fell by 20,000, both better than expected. 

GBP/USD News

Bitcoin stages a quick bounce above $50,000 after the 11% sell-off

The wild ride in Bitcoin continues in Tuesday’s Asian trading, as the BTC sellers are back in control, knocking off prices by almost 11%. Although, strong bids emerged just above $48,500 levels, prompting the flagship cryptocurrency to stage a quick recovery back beyond the $50,000 mark.

Read more

EUR/USD sets four-week high, eyes Powell's testimony

EUR/USD advances toward 1.2200 but is struggling to keep the bullish momentum going, with investors turning cautious ahead of the Fed Chairman  Powell's appearance before Congress later Tuesday.

EUR/USD News

XAU/USD retreats from one-week tops, on the defensive below $1810 level

A combination of factors failed to assist gold to capitalize on the early uptick to one-week tops. The underlying bullish tone in the financial markets capped gains for the safe-haven commodity. The recent rally in the US bond yields also held bulls from placing bets around the yellow metal.

Gold news

US Dollar Index struggles for direction around 90.00, looks to Fed, data

DXY consolidates the recent drop and hovers around 90.00. The dollar has decoupled from performance in yields in past hours. Housing data, Fed’s Powell testimony, Consumer Confidence next on tap.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures