USD/INR Price News: Indian rupee revisits monthly support line below 76.00

USD/INR again confronts monthly resistance line while taking the bids near 75.80.
Bearish MACD suggests repetition of the recent pattern marking loss after the gain.
An upside clearance can refresh monthly top while bears may have to break April low to mark their strength.

Anil Panchal FXStreet

USD/INR takes the bids near 75.80, up 0.32% on a day, while heading into the European session on Thursday. In doing so, the pair confronts the monthly resistance line while also repeating the recent pattern of gain-followed-by-loss on the daily chart.

Not only the short-term trading pattern and immediate resistance line, at 75.85 now, but bearish MACD also cuts down the odds of the pair’s further upside.

As a result, sellers are targeting 75.50 as nearby support ahead of the key April month low near 74.95, a break of which can recall late-March lows near 74.40.

Alternatively, pair’s sustained trading above 75.85 will refresh the monthly top of 76.20 whereas April 21 high of 76.98 and the April monthly peak close to 77.38 could lure the bulls afterward.

USD/INR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	75.795
Today Daily Change	0.2400
Today Daily Change %	0.32%
Today daily open	75.555

Trends
Daily SMA20	75.7131
Daily SMA50	75.7198
Daily SMA100	73.7421
Daily SMA200	72.5219

Levels
Previous Daily High	75.855
Previous Daily Low	75.4707
Previous Weekly High	76.1945
Previous Weekly Low	75.0489
Previous Monthly High	76.975
Previous Monthly Low	75.14
Daily Fibonacci 38.2%	75.6175
Daily Fibonacci 61.8%	75.7082
Daily Pivot Point S1	75.3988
Daily Pivot Point S2	75.2426
Daily Pivot Point S3	75.0145
Daily Pivot Point R1	75.7831
Daily Pivot Point R2	76.0112
Daily Pivot Point R3	76.1674

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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