- USD/INR attacks range-support comprising 100-day SMA and seven-week-old support line.
- 50-day SMA guards the immediate upside, April’s bottom adds to the downside filters.
USD/INR holds lower ground near the intraday bottom of 73.40, down 0.03%, amid Friday’s initial Indian trading session. In doing so, the Indian rupee (INR) pair maintains the 35-pips weekly trading range.
The pair’s latest pullback from the upper-end, including a 50-day SMA level near 73.70, takes clues from the bearish MACD to direct USD/INR sellers toward the range support close to 73.35 that encompasses 100-day SMA and an ascending trend line from late March.
It should, however, be noted that the pair’s downside past-73.35, will need validation from April’s low of 73.24 before targeting the 73.00 threshold, not to mention 72.80 and March’s trough close to 72.25.
Meanwhile, an upside break of 73.70 will attack the 74.00 round figure before highlighting the 74.30 key hurdle for the USD/INR bulls, including monthly high and mid-April low.
In a case where USD/INR bulls remain stronger beyond 74.30, the 75.00 and the yearly peak surrounding 75.65 will be in focus.
Overall, USD/INR remains on the bear’s radar but intermediate bounces can’t be ruled out.
USD/INR daily chart