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- USD/INR Price News: Indian rupee bounces off 22-month low as bears attack key hurdle below 77.00
USD/INR Price News: Indian rupee bounces off 22-month low as bears attack key hurdle below 77.00
- USD/INR retreats from multi-day as an upward sloping resistance line from April 2021 challenge buyers.
- Overbought RSI highlights 2021 peak as nearby support but bears need cautious until witnessing clear break of 75.60.
USD/INR bulls take a breather around the highest levels since April 2020, recently easing to 76.70 during the initial Indian session on Monday.
In doing so, the Indian rupee (INR) pair steps back from an upward sloping trend line from April 2021 amid overbought RSI conditions.
However, pullback moves remain elusive beyond the December 2021 high of 76.60.
Even so, a horizontal area comprising multiple levels marked during the last 10 months, near 75.60-70, appears a tough nut to crack for the pair bears.
Following that, a downward trajectory towards the 200-DMA and the ascending support line from May 2021, respectively near 74.50 and 74.00, will be in focus.
Alternatively, upside momentum remains capped until crossing the rising trend line resistance, around 76.95.
Following that, the 77.00 threshold, also comprising April 2020 peak, will act as an extra hurdle to the north prior to directing USD/INR bulls to a fresh record high towards the 80.00 round figure.
USD/INR: Daily chart
Trend: Pullback expected
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