USD/INR Price News: Indian rupee regains ground from 10-DMA

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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	74.5425
Today Daily Change	0.0090
Today Daily Change %	0.01%
Today daily open	74.5335

Trends
Daily SMA20	74.414
Daily SMA50	73.6414
Daily SMA100	73.6456
Daily SMA200	73.563

Levels
Previous Daily High	74.5613
Previous Daily Low	74.45
Previous Weekly High	74.9115
Previous Weekly Low	74.2544
Previous Monthly High	74.5135
Previous Monthly Low	72.4854
Daily Fibonacci 38.2%	74.5188
Daily Fibonacci 61.8%	74.4925
Daily Pivot Point S1	74.4686
Daily Pivot Point S2	74.4036
Daily Pivot Point S3	74.3573
Daily Pivot Point R1	74.5799
Daily Pivot Point R2	74.6262
Daily Pivot Point R3	74.6912

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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