- USD/INR extends the previous day’s recovery moves, refreshes intraday high.
- Bullish candlestick, strong support battle bearish MACD near monthly low.
- Three-week-old horizontal resistance tests buyers but sellers have a bumpy road ahead.
USD/INR stays well bid around intraday top of 73.95, up 0.22% on a day, amid the initial Indian session on Thursday. In doing so, the quote justifies the previous day’s bullish candlestick above a convergence of 50-day and 200-day SMA.
While the recent corrective pullback is ready to cross the 74.00 threshold, late February tops near 74.20 and a short-term horizontal line close to 74.30 will challenge the further upside.
If at all USD/INR buyers keep reins above 74.30, odds of witnessing the 75.00 round-figure on the chart can’t be ruled out.
Alternatively, a daily closing below 73.65 won’t be enough for USD/INR seller’s entry as March month’s top near 73.60 add extra filter to the south.
Even if the bears manage to break 73.60, multiple levels near 73.20-15 and the 73.00 round-figure may trouble them during further downside.
USD/INR daily chart
Trend: Further recovery expected
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