- USD/INR steps back from 10-DMA, sellers aim for three-week-old support line.
- MACD signals favor bears targeting mid-May tops, late June bottom may offer extra immediate filter to the south.
- Bulls keep 75.00 on radar beyond nearby support.
USD/INR fades bounce off short-term support, easing from 10-DMA, amid early Friday. In doing so, the Indian rupee (INR) pair retreats to 74.53, seeking fresh clues for immediate direction.
That said, gradually firming the bearish bias of MACD and the pair’s ability to cross the immediate moving average keeps the pair sellers hopeful. However, a daily closing below the nearby support line, around 74.45, becomes necessary.
Following that, the 74.00 round-figure, near to late June lows, could entertain the short-term USD/INR sellers ahead of directing them to the May 14 top surrounding 73.70.
Although the quote’s downturn past 73.70 becomes less likely, sustained weakness won’t hesitate to test horizontal support from early May near 73.30.
Meanwhile, an upside break of 10-DMA level of 74.58 will challenge the monthly top near 74.90. though, USD/INR bulls remain unconvinced till the quote stays below the 75.00 threshold.
Overall, USD/INR bulls seem to have tired and a trend line breakdown could trigger a fresh pullback.
USD/INR: Daily chart
Trend: Pullback expected
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