USD/INR Price News: Indian rupee stays bid below 75.00, three-week-old support line in focus

USD/INR refreshes weekly low as bears battle 50-SMA.
Bearish MACD, failures to cross 75.50 hurdle favor sellers.
200-SMA adds to the downside filters, 75.00 threshold tests corrective pullback.

Anil Panchal FXStreet

USD/INR takes offers around 74.63, down 0.11% intraday, amid the initial hour of the Indian trading session on Friday. In doing so, the currency pair justifies pullback from multiple tops marked since mid-July 2020 as sellers attack 50-SMA.

Given the bearish MACD favoring the recent weakness, USD/INR is expected to magnify losses towards an ascending support line from March 28 around 74.30.

However, any further weakness past-74.30 will make the pair vulnerable to revisit the March 31 top near 73.60 and 200-SMA around 73.30.

Meanwhile, fresh recovery moves need to regain the 75.00 round figure to convince the USD/INR buyers. Though, any further upside depends upon how well the quote crosses the 75.50-52 resistance area.

Overall, USD/INR is likely to extend the pullback moves but sellers should remain cautious unless witnessing a clear downside break of the immediate support line.

USD/INR four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	74.6319
Today Daily Change	-0.0821
Today Daily Change %	-0.11%
Today daily open	74.714

Trends
Daily SMA20	73.5708
Daily SMA50	73.1118
Daily SMA100	73.2415
Daily SMA200	73.6792

Levels
Previous Daily High	75.356
Previous Daily Low	74.714
Previous Weekly High	75.0952
Previous Weekly Low	73.2063
Previous Monthly High	73.958
Previous Monthly Low	72.2569
Daily Fibonacci 38.2%	74.9592
Daily Fibonacci 61.8%	75.1108
Daily Pivot Point S1	74.5
Daily Pivot Point S2	74.286
Daily Pivot Point S3	73.858
Daily Pivot Point R1	75.142
Daily Pivot Point R2	75.57
Daily Pivot Point R3	75.784

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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