USD/INR Price News: Indian rupee set for biggest weekly gains since August

USD/INR reverses the previous week’s gains, refreshes intraday low off-late.
Nine-month-old resistance line guards upside, bears eye horizontal support since November 2019.

Anil Panchal FXStreet

USD/INR remains pressured around 72.84, down 0.44% refreshing intraday low, during the initial Indian session on Friday.

In doing so, the Indian rupee pair reverses the previous week’s heavy gains that refreshed the yearly top, before stepping back from a descending resistance line from June 2020.

Although notable weakness from the key resistance line joins normal RSI to please USD/INR bears, a horizontal area comprising multiple levels since November 2019, around 72.20-15, becomes a tough nut to crack for them.

Meanwhile, an upside clearance of the 73.65 hurdle, including the stated resistance line, needs to cross the previous week’s top near 74.20 to visit November 2020 peak surrounding the 75.00 threshold.

Overall, USD/INR is inside a bullish chart formation, descending triangle, which needs confirmation and hence traders will look for key details, like today’s US NFP, for further upside. Until then, bears are likely to keep the reins.

USD/INR weekly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	72.849
Today Daily Change	-0.3222
Today Daily Change %	-0.44%
Today daily open	73.1712

Trends
Daily SMA20	72.8402
Daily SMA50	73.0156
Daily SMA100	73.4808
Daily SMA200	74.0148

Levels
Previous Daily High	73.2116
Previous Daily Low	72.6132
Previous Weekly High	74.1841
Previous Weekly Low	72.1719
Previous Monthly High	74.1841
Previous Monthly Low	72.1719
Daily Fibonacci 38.2%	72.983
Daily Fibonacci 61.8%	72.8418
Daily Pivot Point S1	72.7857
Daily Pivot Point S2	72.4002
Daily Pivot Point S3	72.1872
Daily Pivot Point R1	73.3841
Daily Pivot Point R2	73.5971
Daily Pivot Point R3	73.9826

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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