USD/INR Price News: Indian rupee probes 50-day SMA, inside short-term falling channel

USD/INR extends Wednesday’s recovery moves to challenge the 50-day SMA.
A five-week-old falling trend channel keeps sellers hopeful amid bearish MACD.
Bulls will wait for the upside break of the channel for fresh entries.

Anil Panchal FXStreet

USD/INR takes the bids near 75.61, up 0.25% on a day, during the pre-Europe session on Thursday. In doing so, the pair probes 50-day SMA inside a multi-day-old falling trend channel.

A sustained break of a 50-day SMA level of 75.60 becomes necessary for the buyers to challenge the bearish technical pattern. Following that, 76.20 can act as an intermediate resistance ahead of the channel’s upper line of 76.45.

Should the USD/INR prices cross 76.45 on a daily closing basis, April 21 high near 77.00 can stop the bulls before pushing them to the April monthly top close to 77.40.

Meanwhile, 75.00 can offer immediate support to the pair ahead of highlighting the channel’s lower line, near 74.70.

If at all the quote drops below 74.70, the early March top near 74.58 can lure the bears.

USD/INR daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	75.4375
Today Daily Change	0.0200
Today Daily Change %	0.03%
Today daily open	75.4175

Trends
Daily SMA20	75.978
Daily SMA50	75.5562
Daily SMA100	73.5253
Daily SMA200	72.4075

Levels
Previous Daily High	75.513
Previous Daily Low	75.0618
Previous Weekly High	76.145
Previous Weekly Low	75.265
Previous Monthly High	76.975
Previous Monthly Low	75.14
Daily Fibonacci 38.2%	75.3406
Daily Fibonacci 61.8%	75.2342
Daily Pivot Point S1	75.1485
Daily Pivot Point S2	74.8796
Daily Pivot Point S3	74.6973
Daily Pivot Point R1	75.5997
Daily Pivot Point R2	75.782
Daily Pivot Point R3	76.0509

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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