USD/INR Price News: Indian rupee snaps two-day recovery below 73.00

USD/INR rises for the first time in three days.
Two-week-old triangle breakdown, bearish MACD favor sellers.
Bulls have a bumpy road unless crossing 73.12.

Anil Panchal FXStreet

USD/INR picks up bids around 72.78, up 0.12% intraday, during the pre-European session trading on Thursday. The Indian rupee currently bounces off the weekly low flashed the previous day but keeps the downside break of a short-term symmetrical triangle.

Other than the triangle breakdown, bearish MACD backs USD/INR sellers unless the recovery moves gains above the stated triangle’s resistance line, at 73.12 now.

During the rise, 200-bar SMA and the triangle support, respectively around 72.90 and 73.05, can offer intermediate halts.

Meanwhile, the monthly low around 72.60 offers immediate rest should the quote fades its corrective pullback, which is more likely.

Following that, the late February lows near 72.17 and the 72.00 threshold will be in the spotlight.

Overall, USD/INR remains depressed but the bulls seem to catch a breather and keep reins unless crossing the 73.12.

USD/INR four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	72.791
Today Daily Change	0.0876
Today Daily Change %	0.12%
Today daily open	72.7034

Trends
Daily SMA20	72.876
Daily SMA50	72.9816
Daily SMA100	73.4612
Daily SMA200	73.9677

Levels
Previous Daily High	73.086
Previous Daily Low	72.6774
Previous Weekly High	73.958
Previous Weekly Low	72.6132
Previous Monthly High	74.1841
Previous Monthly Low	72.1719
Daily Fibonacci 38.2%	72.8335
Daily Fibonacci 61.8%	72.9299
Daily Pivot Point S1	72.5586
Daily Pivot Point S2	72.4137
Daily Pivot Point S3	72.15
Daily Pivot Point R1	72.9671
Daily Pivot Point R2	73.2308
Daily Pivot Point R3	73.3757

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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