USD/INR Price News: Indian rupee sellers step back from 100-bar SMA

USD/INR eases from 74.96 while flashing a three-day winning streak.
Falling wedge formation, bullish MACD keep the pair buyers hopeful.
Sellers will have to refresh monthly low for immediate justification of strength.

Anil Panchal FXStreet

USD/INR recedes from 74.96 to 74.94 during the initial Indian session on Friday. In doing so, the pair takes a U-turn from 100-bar SMA despite flashing a third positive day and challenging the four-day high.

Although key SMA raises bars for the pair bulls around 74.95, bullish MACD and the pair’s bounce on Wednesday signal further upside. As a result, buyers may aim to confirm a bit broader falling wedge bullish technical pattern with an upside clearance of 75.21.

However, a 200-bar SMA level of 75.40 will validate the pair’s confirmation of the bullish play towards June month’s top near 76.50.

On the contrary, 74.80 may entertain short-term sellers ahead of testing them with 74.52/50 horizontal area comprising lows marked so far in the month.

Also acting as a downside filter is the lower line of the mentioned falling wedge, at 74.26 now.

USD/INR four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	74.815
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	74.815

Trends
Daily SMA20	75.038
Daily SMA50	75.4551
Daily SMA100	75.522
Daily SMA200	73.4563

Levels
Previous Daily High	74.9606
Previous Daily Low	74.5838
Previous Weekly High	75.575
Previous Weekly Low	74.8976
Previous Monthly High	76.5076
Previous Monthly Low	74.9786
Daily Fibonacci 38.2%	74.8167
Daily Fibonacci 61.8%	74.7277
Daily Pivot Point S1	74.6123
Daily Pivot Point S2	74.4096
Daily Pivot Point S3	74.2354
Daily Pivot Point R1	74.9892
Daily Pivot Point R2	75.1634
Daily Pivot Point R3	75.3661

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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