- USD/INR reverses early Asian losses, jostles with 200-SMA.
- Bullish MACD hints break of the key resistance line.
- Weekly support line holds gate for bear’s entry.
USD/INR reverses the early-day losses, picking up bids to 74.45, heading into Friday’s European session. In doing so, the Indian rupee (INR) pair battles 200-SMA and a descending resistance line from July 30.
Given the strong MACD conditions, coupled with the pair’s successful trading above the one-week-old rising trend line, USD/INR prices may overcome the immediate hurdle to the north below 74.50.
The same will help the pair buyers to challenge the monthly peak surrounding 74.55 and late July tops near 74.62.
However, any further upside will not hesitate to recall the 75.00 threshold to the chart.
Alternatively, a downside break of the immediate support line around 74.30 will direct USD/INR sellers to the monthly low surrounding 74.05.
Though, bears need to conquer the 74.00 round figure, comprising lows marked since June, to keep the reins afterward.
USD/INR: Four-hour chart
Trend: Further upside expected
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