USD/INR Price News: Indian rupee stays firmer below 73.00

USD/INR keeps bounce off intraday low while trimming Monday’s gains.
One-month-old falling wedge formation restricts the pair’s immediate moves.

Anil Panchal FXStreet

USD/INR rises to 72.89, down 0.10%, during the initial hour of the Indian trading session on Tuesday. In doing so, the quote remains below 21-day EMA and inside short-term bullish chart pattern.

Considering the recently sluggish moves below 73.00, USD/INR bears seem tiring. As a result, buyers can take entry with the full form on confirmation of the bullish play at hand.

However, the 21-day EMA level of 73.00 guards the quote’s immediate upside ahead of the stated formation’s resistance line near 73.05.

In a case where the quote successfully crosses 73.05 on a daily closing basis, USD/INR run-up towards the January 2021 peak surrounding 73.55 will be in the spotlight.

On the flip side, the pair’s weakness below the nearby support line, at 72.78 now, needs confirmation of further downside with a daily close below 72.75 before directing USD/INR bears to the early 2020 highs near 72.20.

USD/INR daily chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	72.8455
Today Daily Change	-0.0851
Today Daily Change %	-0.12%
Today daily open	72.9306

Trends
Daily SMA20	73.0056
Daily SMA50	73.3265
Daily SMA100	73.5898
Daily SMA200	74.2706

Levels
Previous Daily High	72.9858
Previous Daily Low	72.7883
Previous Weekly High	73.2046
Previous Weekly Low	72.7504
Previous Monthly High	73.569
Previous Monthly Low	72.8132
Daily Fibonacci 38.2%	72.9104
Daily Fibonacci 61.8%	72.8637
Daily Pivot Point S1	72.8174
Daily Pivot Point S2	72.7041
Daily Pivot Point S3	72.6199
Daily Pivot Point R1	73.0149
Daily Pivot Point R2	73.0991
Daily Pivot Point R3	73.2124

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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