• USD/INR rises for the fourth consecutive day on hawkish Fed.
  • Two-week-old ascending trend channel may test the bulls, sellers need 74.55 breakout to keep reins.
  • Firmer MACD signals, a clear break of 200-SMA favor bulls.

USD/INR stays firmer at the highest levels in five weeks around 75.12 during Thursday’s Asian session.

The Indian rupee (INR) pair renewed multi-day high during the early hours of trading in Asia as US dollar bulls cheered the Federal Reserve’s (Fed) hawkish halt. The greenback strength helped USD/INR prices to rise further beyond the 200-SMA.

Read: Fed Quick Analysis: Three dovish moves boost stocks, why more could come, why the dollar could rise

As the MACD signal joins firmer prices past the key moving average, USD/INR bulls are likely to keep the reins.

However, the resistance line of a fortnight-long ascending trend channel joins the 50% Fibonacci retracement (Fibo.) of December-January downside near 75.20 to portray a short-term key resistance for the USD/INR bulls.

Should the quote rise past $75.20, further upside towards the 61.8% Fibo. level and late December swing high, respectively around 75.50 and 75.90, will be in focus.

Alternatively, pullback moves remain less worrisome until staying beyond 200-SMA and 38.2% Fibonacci retracement level, close to 74.80.

Following that, the support line of the stated bullish channel, close to 74.55, will be crucial to watch for USD/INR bears as a break of which can recall sub-74.00 area to the chart.

USD/INR: Four-hour chart

Trend: Further upside expected

USD/INR

Overview
Today last price 75.122
Today Daily Change 0.0200
Today Daily Change % 0.03
Today daily open 75.102
 
Trends
Daily SMA20 74.367
Daily SMA50 74.8709
Daily SMA100 74.6484
Daily SMA200 74.2667
 
Levels
Previous Daily High 75.1166
Previous Daily Low 74.6975
Previous Weekly High 74.7155
Previous Weekly Low 74.1337
Previous Monthly High 76.5958
Previous Monthly Low 74.1065
Daily Fibonacci 38.2% 74.9565
Daily Fibonacci 61.8% 74.8576
Daily Pivot Point S1 74.8275
Daily Pivot Point S2 74.553
Daily Pivot Point S3 74.4085
Daily Pivot Point R1 75.2466
Daily Pivot Point R2 75.3911
Daily Pivot Point R3 75.6656

 

 

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