USD/INR Price News: Indian rupee tests 200-HMA support after two-day sell-off

Rupee bears take a breather despite the DXY weakness.
USD/INR set for additional upside looks to regain 74.00.
The hourly chart appears constructive, 200-HMA key barrier.

Dhwani Mehta FXStreet

USD/INR stalls its recovery from six-week lows of 73.41 just shy of the 74 level, as the bulls struggle to find acceptance above the critical 200-hourly moving average (HMA) at 73.89.

The two-day recovery rally in the cross picked up pace after the price broke above the three-day-old falling trendline resistance at 73.76.

The spot remains poised for further upside, as the Relative Strength Index (RSI) has eased-off the overbought region while holding firmer around 68.72. A breach of the 74 level remains inevitable, with the 21 and 50-HMA bullish crossover adding credence to the recovery momentum.

On the flip side, the horizontal 100-HMA at 73.80 is likely to cushion the immediate decline. Further south, the confluence of the 21-HMA and the aforementioned trendline resistance now support around 73.75 will be a tough nut to crack for the sellers.

USD/INR: Hourly chart

USD/INR: Additional levels

USD/INR

Overview
Today last price	73.89
Today Daily Change	0.1910
Today Daily Change %	0.26
Today daily open	73.6972

Trends
Daily SMA20	74.1021
Daily SMA50	73.8504
Daily SMA100	74.0598
Daily SMA200	74.7317

Levels
Previous Daily High	73.8042
Previous Daily Low	73.41
Previous Weekly High	74.2821
Previous Weekly Low	73.7392
Previous Monthly High	74.985
Previous Monthly Low	73.6492
Daily Fibonacci 38.2%	73.6536
Daily Fibonacci 61.8%	73.5606
Daily Pivot Point S1	73.4701
Daily Pivot Point S2	73.243
Daily Pivot Point S3	73.0759
Daily Pivot Point R1	73.8642
Daily Pivot Point R2	74.0313
Daily Pivot Point R3	74.2584

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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