USD/INR Price News: Wednesday’s shooting star tests Indian rupee bears below 75.50

USD/INR takes offers towards the intraday low while easing from 10-month top flashed the previous day.
Bearish candlestick formation on the daily chart, receding bullish MACD bias challenge upside momentum.
Sellers may look for entries below one-month-old support line.

Anil Panchal FXStreet

USD/INR drops towards the intraday low of 73.26 amid the initial Indian session trading on Thursday.

The Indian rupee pair rallied to the highest since late June 2020 the previous day before snapping a two-day uptrend. The pullback moves portrayed a “shooting star” bearish candlestick on the daily timeframe.

Also supporting the odds of consolidation is the easing conditions of the bullish MACD signals in recent days.

However, the 75.00 round figure and an ascending trend line from March 26, around 74.80 by the press time, will be tough nuts to crack for the USD/INR sellers.

Meanwhile, an upside break of 75.63 will defy the bearish candlestick signals but any further run-up may dwindle around a two-month-long rising resistance line, close to 75.80.

Overall, USD/INR remains bullish but a profit-booking move can’t be ruled out.

USD/INR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	75.358
Today Daily Change	-0.0166
Today Daily Change %	-0.02%
Today daily open	75.3746

Trends
Daily SMA20	74.0855
Daily SMA50	73.2922
Daily SMA100	73.2942
Daily SMA200	73.677

Levels
Previous Daily High	75.6321
Previous Daily Low	75.3111
Previous Weekly High	75.496
Previous Weekly Low	74.298
Previous Monthly High	73.958
Previous Monthly Low	72.2569
Daily Fibonacci 38.2%	75.4337
Daily Fibonacci 61.8%	75.5095
Daily Pivot Point S1	75.2465
Daily Pivot Point S2	75.1183
Daily Pivot Point S3	74.9255
Daily Pivot Point R1	75.5675
Daily Pivot Point R2	75.7603
Daily Pivot Point R3	75.8885

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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