USD/INR Price News: Impending bear cross flags Indian rupee strength around 76.00
|- USD/INR remains depressed after declining the most in a week the previous day.
- 50-SMA pierces 100-SMA from above, suggesting further downside amid steady RSI, sluggish MACD.
- Failures to extend fortnight-old trend line break adds strength to the bearish bias.
USD/INR struggles to defend the 76.00 threshold, sidelined during the mid-Asian session on Wednesday.
That said, the Indian rupee (INR) pair portrayed a bear-cross moving average formation suggesting further downside the previous day while posting the biggest daily loss in a week.
However, sluggish MACD and the resistance-turned-support line from March 08, near 75.95, challenge the USD/INR sellers.
On a clear break of the 75.95, the pair will confirm the bear cross and decline further towards the 200-SMA level surrounding 75.65.
However, the monthly low near 75.20 and the 75.00 psychological magnet will test the USD/INR pair’s further declines.
Alternatively, recovery moves remain elusive until crossing the SMA convergence near 76.25-30.
Following that, a run-up towards the 77.00 round figure and then to the monthly high around 77.17 can’t be ruled out.
USD/INR: Four-hour chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.