USD/INR Price News: Indian rupee struggles to justify 74.50 key level break

USD/INR bounces off intraday low during three-day downtrend.
Confluence of one-month-old ascending trend line, 21-DMA guards immediate upside.
Bears need validation from 61.8% Fibonacci retracement to retake controls.

Anil Panchal FXStreet

USD/INR bears take a breather during a three-day fall, around 74.39, amid the initial Indian session on Thursday.

The cross-currency pair dropped to the 12-day low the previous day after breaking convergence of 21-DMA and an ascending support line, now resistance, from June 22.

Although bearish MACD and failures to stay beyond the 75.00 threshold keep USD/INR sellers hopeful, 61.8% Fibonacci retracement level of April–May fall, near 74.35, challenges the quote’s immediate declines.

Following that, the late June’s swing low near 74.05 and the 74.00 round figure may entertain the pair bears before multiple tops marked in mid-May surrounding 73.70 gain the market’s attention.

Meanwhile, recovery moves will be boring below 74.50, a break of which could recall the 75.00 round figure to the chart.

However, a daily closing beyond the same becomes necessary for the USD/INR bulls to aim for the yearly top near 75.65.

USD/INR: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	74.4395
Today Daily Change	-0.0032
Today Daily Change %	-0.00%
Today daily open	74.4427

Trends
Daily SMA20	74.5094
Daily SMA50	73.7366
Daily SMA100	73.6993
Daily SMA200	73.5911

Levels
Previous Daily High	74.6591
Previous Daily Low	74.3852
Previous Weekly High	74.8515
Previous Weekly Low	74.4034
Previous Monthly High	74.5135
Previous Monthly Low	72.4854
Daily Fibonacci 38.2%	74.4898
Daily Fibonacci 61.8%	74.5545
Daily Pivot Point S1	74.3322
Daily Pivot Point S2	74.2218
Daily Pivot Point S3	74.0583
Daily Pivot Point R1	74.6061
Daily Pivot Point R2	74.7696
Daily Pivot Point R3	74.88

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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