• USD/INR snaps a four-day winning streak, eases from five-week lows.
  • Indian rupee buyers emerge near 75.30, as the USD eases across the board.
  • 50-DMA at 74.90 eyed if USD/INR corrects further ahead of US inflation.

USD/INR is retreating from five-week highs of 75.31, tracking the pullback in the US dollar across the board.

The sentiment around the Asian stock markets and US equity futures improves, in the wake of likely easing of the Ukraine tensions and fading Fed rate hike concerns, capping the demand for the safe-haven US dollar.

Meanwhile, Indian rupee bulls pay little heed to the renewed uptick in oil prices, as the dynamics of the US dollar remain pivotal ahead of the PCE inflation data.

At the time of writing, the spot is heading south towards 75.00, posting moderate losses on the day.

If the correction gathers steam, then USD/INR bears could the mildly bullish 50-Daily Moving Average (DMA) at 74.90.

Further south, the 100-DMA support at 74.68 will come to the rescue of bulls.

The 14-day Relative Strength Index (RSI) is turning lower while above the midline, justifying the pullback in the spot from multi-week highs.

USD/INR: Daily chart

On the flip side, buyers will retest three-week highs of 75.31, above which the December 23 top of 75.48 will be eyed.

The next relevant upside target is envisioned at $76.00, the round figure.

USD/INR: Additional levels

USD/INR

Overview
Today last price 75.1755
Today Daily Change -0.0837
Today Daily Change % -0.11
Today daily open 75.2592
 
Trends
Daily SMA20 74.4065
Daily SMA50 74.8924
Daily SMA100 74.6657
Daily SMA200 74.2675
 
Levels
Previous Daily High 75.3115
Previous Daily Low 75.012
Previous Weekly High 74.7155
Previous Weekly Low 74.1337
Previous Monthly High 76.5958
Previous Monthly Low 74.1065
Daily Fibonacci 38.2% 75.1971
Daily Fibonacci 61.8% 75.1264
Daily Pivot Point S1 75.077
Daily Pivot Point S2 74.8948
Daily Pivot Point S3 74.7776
Daily Pivot Point R1 75.3765
Daily Pivot Point R2 75.4937
Daily Pivot Point R3 75.6759

 

 

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