USD/INR Price News: Indian rupee alternates losses with gains above 75.00

USD/INR remains below a two-month-old falling trend line.
Six-week-long horizontal support restricts the pair’s immediate downside.
MACD, RSI indicate continuation of the choppy trading.

Anil Panchal FXStreet

USD/INR fails to keep the bounce off 75.44 while retreating to 75.47 amid the initial Indian session on Wednesday. In doing so, the pair seems to cheer the broad US dollar weakness while stepping back from a downward sloping trend line stretched since April 06, 2020.

Considering the latest pullback from the key resistance, the quote is likely to extend the downside towards 75.00 round-figure. However, a horizontal area comprising lows marked from April 30, around 75.00-74.95 can limit the pair’s further weakness.

In a case where the bears portray a daily closing below 74.95, March 27 bottom surrounding 74.40 could return to the charts.

Alternatively, a 50-day SMA level of 75.84 acts as the additional resistance over the short-term falling trend line near 75.76. Furthermore, the May month high of 76.20 becomes an extra filter during the pair’s north-run beyond 75.76.

If at all the pair witnesses a daily closing beyond 75.76, it’s gradual rise towards the late-April high near 76.00 can’t be ruled out.

USD/INR daily chart

Trend: Sideways

Additional important levels

Overview
Today last price	75.47
Today Daily Change	-0.0300
Today Daily Change %	-0.04%
Today daily open	75.5

Trends
Daily SMA20	75.5723
Daily SMA50	75.8599
Daily SMA100	74.3501
Daily SMA200	72.7934

Levels
Previous Daily High	75.615
Previous Daily Low	75.4
Previous Weekly High	75.622
Previous Weekly Low	74.9786
Previous Monthly High	76.1945
Previous Monthly Low	75.0489
Daily Fibonacci 38.2%	75.5329
Daily Fibonacci 61.8%	75.4821
Daily Pivot Point S1	75.395
Daily Pivot Point S2	75.29
Daily Pivot Point S3	75.18
Daily Pivot Point R1	75.61
Daily Pivot Point R2	75.72
Daily Pivot Point R3	75.8251

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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