USD/INR Price News: Indian rupee weakness remains elusive below 75.00

USD/INR picks up bids to consolidate weekly losses.
Successful bounce off 100-SMA, sustained break of 200-SMA keep buyers hopeful amid steady RSI.
Three-week-old previous support line restricts short-term upside.

Anil Panchal FXStreet

USD/INR struggles around 74.80 during the third positive day amid early European morning on Thursday.

In doing so, the Indian rupee (INR) pair justifies the early week rebound from the 100-SMA, as well as a clear break of the 200-SMA.

That said, steady RSI also hints at the continuation of recovery moves toward a short-term support-turned-resistance line near 75.05.

Should the quote rise past 75.05 hurdle, a broad horizontal resistance area establishes since late December 2021, around 75.35-40, will challenge USD/INR bulls.

On the flip side, the 200-SMA will test the pullback moves near 74.60 before directing the quote towards the 100-SMA level of 74.55.

Following that, 23.6% Fibonacci retracement of December 16 to January 12 declines near 74.40 may test the USD/INR sellers ahead of directing them to the 74.00 mark.

Overall, USD/INR prices remain pressured with multiple key hurdles to the north.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	74.8555
Today Daily Change	0.0714
Today Daily Change %	0.10%
Today daily open	74.7841

Trends
Daily SMA20	74.4714
Daily SMA50	74.9182
Daily SMA100	74.7149
Daily SMA200	74.2702

Levels
Previous Daily High	75.0035
Previous Daily Low	74.678
Previous Weekly High	75.3425
Previous Weekly Low	74.3313
Previous Monthly High	75.3425
Previous Monthly Low	73.7283
Daily Fibonacci 38.2%	74.8792
Daily Fibonacci 61.8%	74.8024
Daily Pivot Point S1	74.6403
Daily Pivot Point S2	74.4964
Daily Pivot Point S3	74.3148
Daily Pivot Point R1	74.9657
Daily Pivot Point R2	75.1473
Daily Pivot Point R3	75.2912

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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