USD/INR Price News: Indian rupee rises towards 10-week-old resistance line

USD/INR prints mild losses following Friday’s pullback from short-term trading range’s resistance.
A resistance-turned-support line from April 06 gains sellers’ attention.
100-day SMA adds to the downside support, 77.00 offers additional upside barrier.

Anil Panchal FXStreet

USD/INR declines to 75.83, down 0.15% on the day, during the pre-European session on Tuesday. The quote has been trading in a broad range between 76.22 and 74.95 since early-May. As a result, it’s the latest pullback from the upper limit suggests further declines.

That said, the short-term resistance-turned-support line around 75.61 offers immediate support to the pair ahead of 75.40 and the said range’s lower limit of 74.95.

In a case where the USD/INR prices decline below 74.95, a 100-day SMA level of 74.55 will offer additional support before dragging the pair towards March 11 low of 73.59.

Meanwhile, an upside clearance of 76.22 can aim for the late-March highs near 76.40 and April 22 top surrounding 77.00 during the further rise.

Though, a sustained break above 77.00 will enable the bulls to cross the April month high of 77.39.

USD/INR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	75.845
Today Daily Change	-0.1006
Today Daily Change %	-0.13%
Today daily open	75.9456

Trends
Daily SMA20	75.6352
Daily SMA50	75.8288
Daily SMA100	74.5331
Daily SMA200	72.8742

Levels
Previous Daily High	76.135
Previous Daily Low	75.82
Previous Weekly High	76.2152
Previous Weekly Low	75.395
Previous Monthly High	76.1945
Previous Monthly Low	75.0489
Daily Fibonacci 38.2%	75.9404
Daily Fibonacci 61.8%	76.0147
Daily Pivot Point S1	75.7988
Daily Pivot Point S2	75.6519
Daily Pivot Point S3	75.4838
Daily Pivot Point R1	76.1138
Daily Pivot Point R2	76.2818
Daily Pivot Point R3	76.4287

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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