• USD/INR falls for the second straight day, as bulls fail to resist above 100-DMA.
  • The spot clings to 21-DMA support amid a broad US dollar weakness.
  • A pullback in WTI price also helps comfort the INR bulls.

USD/INR remains on the defensive for the second day in a row this Thursday, keeping its range below 74.50.

The pair tracks the US dollar weakness while the Indian rupee cheers a pullback in oil prices from seven-year highs.

The greenback holds the lower ground amid a return of the risk appetite on China’s policy easing, although the March Fed rate hike expectations will continue to support the dollar bulls in the coming days.

At the time of writing, the spot is trying hard to defend the 21-Daily Moving Average (DMA) support, now at 74.41, having failed to find acceptance above the horizontal 100-DMA at 74.59.

The pair’s recovery rally from four-month troughs of 73.73 faltered near 74.70 on Wednesday.

The 14-day Relative Strength Index (RSI) has entered into the negative zone, below the midline, justifying the latest downturn in the price.

If the 21-DMA support gives way, then a test of the horizontal 200-DMA at 74.27 will be inevitable.

A sustained break below the latter could revive the recent bearish momentum towards the multi-month lows.

USD/INR: Daily chart

On the flip side, daily closing above 100-DMA will take on USD/INR towards 50-DMA at 74.84.

The level to beat for bulls is envisioned at 75.00, which will guard the further upside.

USD/INR: Additional levels

USD/INR

Overview
Today last price 74.4032
Today Daily Change -0.0464
Today Daily Change % -0.06
Today daily open 74.4496
 
Trends
Daily SMA20 74.4153
Daily SMA50 74.8401
Daily SMA100 74.5777
Daily SMA200 74.2753
 
Levels
Previous Daily High 74.7155
Previous Daily Low 74.3618
Previous Weekly High 74.4219
Previous Weekly Low 73.7283
Previous Monthly High 76.5958
Previous Monthly Low 74.1065
Daily Fibonacci 38.2% 74.4969
Daily Fibonacci 61.8% 74.5804
Daily Pivot Point S1 74.3024
Daily Pivot Point S2 74.1552
Daily Pivot Point S3 73.9487
Daily Pivot Point R1 74.6562
Daily Pivot Point R2 74.8627
Daily Pivot Point R3 75.0099

 

 

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