- USD/INR extends the previous day’s U-turn to refresh intraday low.
- MACD teases bears as the quote breaks short-term support line.
- Monthly top adds to the upside barriers beyond 200-bar SMA.
USD/INR drops to 72.72, down 0.04% intraday, while extending the four-day-old support line breakdown during the initial Indian trading session on Thursday. In doing so, the quote also stretches the previous day’s pullback from 200-bar SMA while teasing the day’s low.
It should be noted that the MACD is losing its bullish bias and hence the trend line break eyes the monthly low, also the lowest since March 2020, during the further weakness.
It’s worth mentioning that the quote’s weakness towards 72.50 may catch a breather around 72.60 whereas any more downside may not hesitate to challenge January tops near 72.20.
Meanwhile, corrective pullback beyond the previous support line, at 72.80 now, will need to cross the 200-bar SMA level of 73.00 to recall the short-term buyers.
Following that the monthly high of 73.20 should return to the chart while the yearly peak surrounding 73.60 can lure the USD/INR bulls afterward.
USD/INR four-hour chart
Trend: Bearish
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