USD/INR Price News: Indian rupee seesaws near 74.50 despite falling wedge confirmation
- USD/INR pauses two-day downtrend, remains sidelined of late.
- Intact falling wedge breakout, MACD conditions keep pair buyers hopeful.
- Short-term support line, 50% Fibonacci retracement and 100-DMA challenge bears.
USD/INR seeks clear direction around 74.40 heading into Wednesday’s European session.
The Indian rupee (INR) pair refreshed monthly high the previous day while justifying the confirmation of a bullish chart pattern, namely falling wedge. However, failures to overcome a short-term horizontal hurdle of around 74.60 backs the latest pullback.
While the current weakness eyes the previous resistance line of the falling wedge, now support around 74.20, 61.8% Fibonacci retracement (Fibo) of April–May downside near 74.35, challenges the pair’s immediate declines.
Should the USD/INR prices drop below 74.20, the further downside to the 50-DMA level of 74.15 becomes imminent. Though, a convergence of 50% Fibo, 100-DMA and lower line of the stated wedge will be a tough nut to crack for the pair sellers around 74.00–73.95.
On the contrary, an upside clearance of the 74.60 resistance will escalate the run-up towards early July’s top surrounding 74.90 before highlighting the last month’s peak of 75.01.
It’s worth mentioning that the USD/INR bulls need a strong catalyst to overcome the 75.00 hurdle. The same leads the pair traders to track MACD as the latest hints favor the quote’s upside momentum.
USD/INR: Daily chart
Trend: Further upside expected
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.
