USD/INR Price News: Indian rupee struggles to justify Wednesday’s spinning top

USD/INR fails to respect bearish candlestick as it recovers from 74.79.
21-day SMA exerts immediate downside pressure around monthly falling trendline.
74.45 becomes the key support to watch for the bears.

Anil Panchal FXStreet

USD/INR picks up the bids around 74.84 during the initial Indian session on Thursday. The pair formed a bearish candlestick, spinning top, the previous day. However, the latest pullback from the monthly support line seems to question the further downside.

Even so, a 21-day SMA level of 74.88 restricts the pair’s nearby upside, which in turn holds the gate for the pair’s rise towards 75.00 and July 14 high of 75.51.

It should, however, be noted that the pair needs to close past-75.10 to confirm the negligence of the previous day’s candlestick formation.

On the downside, 74.60 and lows marked on July 06 and 21 around 74.45 become the strong support to watch.

If the bears dominate below 74.45, March 27 bottom of 74.15 and 74.00 round-figure will pop-up on their radar.

USD/INR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	74.795
Today Daily Change	-0.1532
Today Daily Change %	-0.20%
Today daily open	74.9482

Trends
Daily SMA20	74.9002
Daily SMA50	75.3892
Daily SMA100	75.5545
Daily SMA200	73.5358

Levels
Previous Daily High	74.9494
Previous Daily Low	74.743
Previous Weekly High	75.0026
Previous Weekly Low	74.5052
Previous Monthly High	76.5076
Previous Monthly Low	74.9786
Daily Fibonacci 38.2%	74.8705
Daily Fibonacci 61.8%	74.8218
Daily Pivot Point S1	74.811
Daily Pivot Point S2	74.6738
Daily Pivot Point S3	74.6046
Daily Pivot Point R1	75.0173
Daily Pivot Point R2	75.0865
Daily Pivot Point R3	75.2237

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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