USD/INR Price News: Indian rupee bulls keep reins below 75.00

USD/INR pares intraday losses after bouncing off monthly low the previous day.
100-SMA, weekly resistance line guard recovery moves, previous support add to the upside filters.
61.8% Fibonacci retracement level offers strong support below 200-SMA.

Anil Panchal FXStreet

USD/INR struggles to keep the bounce off the 200-SMA, around 74.77, down 0.15% on a day during Tuesday’s Asian session.

The Indian rupee (INR) pair dropped to the lowest since January 24 on Monday before stepping back from a convergence of the 100-SMA and one-week-old descending trend line near 74.95.

That said, the latest rebound from the 200-SMA level near 74.65 gains support from the firmer MACD and RSI. However, a clear upside break of the 74.95 becomes necessary to challenge USD/INR bears.

Even so, the support-turned-resistance from January 12, close to 75.08-10, will probe the pair buyers before giving them controls to aim for January’s peak of 75.34.

During the USD/INR run-up beyond 75.34, the monthly high of 75.70 will be in focus.

On the contrary, 200-SMA and 61.8% Fibonacci retracement (Fibo.) of January-February upside, respectively around 74.67 and 74.48, will test short-term USD/INR bears.

In a case where the Indian rupee bulls dominate past 74.48, the 74.00 threshold may offer an intermediate halt during the pair’s south-run targeting the previous month’s trough surrounding 73.72.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	74.7895
Today Daily Change	-0.0970
Today Daily Change %	-0.13%
Today daily open	74.8865

Trends
Daily SMA20	74.9505
Daily SMA50	74.8458
Daily SMA100	74.8471
Daily SMA200	74.3586

Levels
Previous Daily High	74.89
Previous Daily Low	74.3785
Previous Weekly High	75.7177
Previous Weekly Low	74.5083
Previous Monthly High	75.3425
Previous Monthly Low	73.7283
Daily Fibonacci 38.2%	74.6946
Daily Fibonacci 61.8%	74.5739
Daily Pivot Point S1	74.5467
Daily Pivot Point S2	74.2068
Daily Pivot Point S3	74.0352
Daily Pivot Point R1	75.0582
Daily Pivot Point R2	75.2298
Daily Pivot Point R3	75.5697

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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