USD/INR Price News: Indian rupee poised for further losses towards 75.00

USD/INR refreshes seven-week top, following a three-month-old resistance break.
Bullish MACD, sustained breakout keeps pair buyers hopeful.
Horizontal line from November 2020, seven-week-long resistance line probe bulls.
10-DMA adds to the downside support ahead of the key 74.18–12 area.

Anil Panchal FXStreet

USD/INR justifies the upside break of a three-month-old resistance, now support, while refreshing the highest levels since April 27 during early Friday. That said, the Indian rupee (INR) bears print 74.63 as a quote versus the US dollar, up 0.12% intraday, ahead of the critical US jobs report.

Given the pair’s successful break of the previously important horizontal resistance, backed by bullish MACD and trading above 10-DMA, USD/INR braces for another horizontal hurdle stretched from early November, surrounding $74.70.

However, any further upside past-74.70 will be questioned by an ascending trend line from May 14, near 74.80, a break of which could recall the 75.00 threshold to the chart.

Meanwhile, a downside break of the resistance-turned-support near 74.50 may bounce off the 10-DMA level of 74.30 before highlighting the 74.18-12 region for USD/INR sellers, comprising multiple levels marked since late December 2020.

It’s worth noting that the overbought RSI conditions and receding bullish bias of MACD may trigger the pair’s pullback moves from the nearby resistances. Though, it all depends upon the US Nonfarm Payrolls and hence traders should be cautious ahead of the event.

USD/INR: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	74.669
Today Daily Change	0.1245
Today Daily Change %	0.17%
Today daily open	74.5445

Trends
Daily SMA20	73.7527
Daily SMA50	73.5627
Daily SMA100	73.4513
Daily SMA200	73.5074

Levels
Previous Daily High	74.624
Previous Daily Low	74.3316
Previous Weekly High	74.5135
Previous Weekly Low	74.0585
Previous Monthly High	74.5135
Previous Monthly Low	72.4854
Daily Fibonacci 38.2%	74.5123
Daily Fibonacci 61.8%	74.4433
Daily Pivot Point S1	74.3761
Daily Pivot Point S2	74.2076
Daily Pivot Point S3	74.0837
Daily Pivot Point R1	74.6685
Daily Pivot Point R2	74.7924
Daily Pivot Point R3	74.9609

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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