USD/INR Price News: Indian rupee rebound remains elusive beyond 20-day EMA

USD/INR snaps four-day uptrend, extends pullback from three-week top.
MACD teases bulls above short-term EMA, descending trend line from October 12 guards immediate upside.

Anil Panchal FXStreet

USD/INR bounces off intraday low to 74.54, down 0.05% on a day during early Thursday. In doing so, the Indian rupee (INR) pair keeps the previous day’s pullback from the highest levels since November 03.

While a U-turn from the multi-day high justifies the pair’s inability to provide a daily close beyond a six-week-old resistance line, the quote’s sustained trading beyond 20-day EMA keeps buyers hopeful. Also favoring the USD/INR bulls is the MACD line that recently marked a bullish cross and inches towards the positive region.

That said, the pair buyers will seek a daily closing past the stated trend line resistance, around 74.62 by the press time, to extend the weekly run-up.

Following that, the 75.00 threshold and the monthly high near 75.15 may probe the USD/INR upside ahead of the previous monthly peak of 75.65.

Alternatively, a clear downside break of the 20-day EMA level of 74.45 will direct the USD/INR sellers towards an ascending support line from early September, near 74.08 by the press time.

Also acting as important support levels are the lows marked during the last week around the 74.00 round figure and the monthly trough of 73.85.

USD/INR: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	74.5245
Today Daily Change	-0.0519
Today Daily Change %	-0.07%
Today daily open	74.5764

Trends
Daily SMA20	74.4304
Daily SMA50	74.5116
Daily SMA100	74.3019
Daily SMA200	73.914

Levels
Previous Daily High	74.76
Previous Daily Low	74.3279
Previous Weekly High	74.5235
Previous Weekly Low	74.023
Previous Monthly High	75.651
Previous Monthly Low	74.0821
Daily Fibonacci 38.2%	74.5949
Daily Fibonacci 61.8%	74.493
Daily Pivot Point S1	74.3495
Daily Pivot Point S2	74.1227
Daily Pivot Point S3	73.9174
Daily Pivot Point R1	74.7816
Daily Pivot Point R2	74.9869
Daily Pivot Point R3	75.2137

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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