- USD/INR refreshes intraday high, breaks immediate choppy range below 74.00.
- 200-bar SMA defies bullish MACD amid downward trajectory since November 13.
USD/INR trades near the intraday high of 73.98 ahead of Indian session open on Monday. In doing so, the quote breaks the immediate trading range between 73.96 and 73.93 while staying below 200-bar SMA.
Although bullish MACD suggests the pair’s another attempt to cross the key SMA level, currently around 74.05, USD/INR bulls have failed twice in recent days to break the important hurdle, which in turn keeps the sellers hopeful while considering the two-week-old downtrend.
Other than the 200-bar SMA level of 74.05, November 19 high near 74.32 and November 13 top close to 74.95 also add filters to the pair’s upside moves.
Meanwhile, the last week’s low near 73.75/70 can entertain bears before directing them to the current month’s trough surrounding 73.65.
However, a falling trend line from November 18, at 73.59 now, will restrict further downside of the USD/INR.
USD/INR four-hour chart
Trend: Bearish
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