Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

USD/INR Price News: Indian rupee looks to recapture 50-DMA at 74.00

  • USD/INR falls for the third day in a row after facing rejection at 21-DMA.
  • The spot looks to challenge the 50-DMA support at 74.00.
  • RSI edges lower below the midline, supporting USD/INR bears.

USD/INR is off the six-week lows of 74.08 but remains heavy for the third straight day on Wednesday.

The Indian rupee gains strength on the back of the domestic indices at record highs and IPO inflows. However, the spot trimmed losses amid a fresh jump seen in the US dollar across the board.

The pair now awaits the US ADP and ISM Services PMI data for fresh trading opportunities.

Technically, USD/INR almost tested the upward-sloping 50-Daily Moving Average (DMA) support at 74.00 on Wednesday, having faced rejection at the mildly bearish 21-DMA cap at 74.50 earlier this week.

The latest leg lower has prompted a breach of the rising trendline support at 74.22. A daily closing below that level is needed to renew the downside momentum.

If the bears manage to take out the 50-DMA barrier, then the spot could test the bullish 100-DMA at 73.85.

Adding credence to the down move, the Relative Strength Index (RSI) looks south below the central line, currently at 45.10.

A four-hourly closing below the 200-SMA is needed to expose the 74.00 mark.

USD/INR: Daily chart

On the flip side, the bulls need to crack a strong resistance zone around 74.40 to take on the 21-DMA upside hurdle.

Recapturing the 21-DMA is critical to negating the bearish bias in the near term.

USD/INR: Additional levels

 

GBP/USD needs an impulse from moderate US figures and dovish Fed comments to continue advancing

GBP/USD has been making its way higher after retreating from the peak earlier on as UK covid cases continue falling. Attack on 1.40 coming? Upbeat UK
Read more Previous

Ex-BOE’s Miles: End QE early, drop guidance to increase 'flexibility'

Ahead of the Bank of England’s (BOE) Super Thursday events, the central bank’s former Monetary Policy Committee (MPC) member David Miles said that the
Read more Next