- Analytics
- News and Tools
- Market News
- USD/INR Price Analysis: Indian rupee bulls look to 200-DMA retest
USD/INR Price Analysis: Indian rupee bulls look to 200-DMA retest
- USD/INR fades bounce off six-week low amid bearish MACD signals.
- Key DMA confluence restricts short-term advances before monthly resistance line.
- 61.8% Fibonacci retracement adds to the downside filters.
USD/INR consolidates the biggest daily gains in a month around 74.10 during early Wednesday.
The Indian rupee (INR) pair bounced off 200-DMA the previous day but fades recovery below a convergence of the 100-DMA and 50-DMA of late.
Given the bearish MACD signals and the pair’s inability to keep the rebound above the key DMA, USD/INR prices are likely to remain pressured.
Hence, the 74.00 threshold seems immediate support to watch before the 61.8% Fibonacci retracement (Fibo.) of August-October upside, around 73.95.
Should the quote drops below 73.95, the 200-DMA level of 73.83 will regain the market’s attention ahead of the mid-September lows close to 73.35.
Meanwhile, 50% Fibo. near 74.25 guards the quote’s immediate upside ahead of the stated DMA confluence around 74.30.
In a case where USD/INR bulls cross the 74.30 key hurdle, 74.70 and a one-month-old resistance line near the 75.00 round figure may flash on their radar.
USD/INR: Daily chart
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
