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29 Jul 2021

USD/INR Price News: Indian rupee bulls battle key hurdle above 74.00

  • USD/INR extends pullback from 21-DMA, stays pressured near intraday low.
  • Bearish MACD, descending RSI line back the pair sellers.
  • Ascending trend line from late June, five-month-old horizontal area challenge further downside.

USD/INR remains depressed for the second consecutive day after stepping back from 21-DMA, down 0.17% intraday around 74.30 during early Thursday.

In doing so, the Indian rupee (INR) pair battles a five-week-old support line near a horizontal area comprising multiple levels since February 26.

Considering the most bearish signals from the MACD since late May, coupled with the gradually descending RSI, USD/INR sellers should remain hopeful to break the stated support line, near 74.30, followed by the broad support zone above 74.18.

Also challenge the pair’s south-run could be the late June’s swing low and 50-DMA, respectively around the 74.00 threshold and 73.88.

Meanwhile, USD/INR buyers are less likely to take the risk of entries until the quote jumps back above the 21-DMA level of 74.55.

Following that, the monthly peak near 75.00 and 75.30 may test the pair bulls ahead of directing them to the yearly high surrounding 75.65.

USD/INR: Daily chart

Trend: Further weakness expected

 

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