- Analytics
- News and Tools
- Market News
- USD/INR Price Analysis: Indian rupee bounces off 2022 low near 75.50
USD/INR Price Analysis: Indian rupee bounces off 2022 low near 75.50
- USD/INR snaps four-day uptrend inside six-week-old bullish channel.
- Firmer MACD signals, sustained trading beyond the key SMAs keep buyers hopeful.
- 200-DMA becomes the key support, 75.80 guards immediate upside.
USD/INR pulls back from yearly high while snapping a four-day uptrend around 75.55 during Monday’s Asian session.
In doing so, the Indian rupee (INR) pair steps back from the resistance line of an upward sloping trend channel from early January.
However, bullish MACD signals and the quote’s successful trading above the 50-DMA and 200-DMA, respectively around 74.90 and 74.30 by the press time, keep USD/INR bulls hopeful.
That said, the pair’s weakness past 74.30 will need validation from the 74.00 threshold before directing the USD/INR bears towards the previous month’s low near 73.70.
Meanwhile, the pair’s further upside needs to defy the stated channel with an upside break of 75.75.
Following that, the 76.00 round figure and December 2021 peak near 76.60 gains the market’s attention.
Overall, USD/INR prices remain in the upward trajectory but a pullback can’t be ruled out.
USD/INR: Daily chart
Trend: Bullish
© 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
