- USD/INR keeps the previous day’s downside break of three-week-old support line.
- MACD eases but the key EMA can probe the bears.
Having refreshed one-week low the previous day, USD/INR bounced off 73.90 to 74.03 during the early Friday. However, failures to regain beyond the previous support line stretched from October 12 keeps the pair sellers hopeful around 73.95 while heading into the European session.
Considering the east MACD and sustained trading below the short-term resistance line, USD/INR sellers aim for a 200-day EMA level of 73.79 during the further downside.
However, any more weakness past-200-day EMA will have multiple barriers marked during early October, around 73.65/60 before challenging October’s low near 72.95.
Meanwhile, an upside clearance of the stated resistance line, at 74.03 now, will target 74.30 and 74.70 as immediate upside targets.
In a case where the USD/INR bulls manage to cross 74.70, the monthly low of 74.98 and the 75.00 round-figure will be important to watch.
USD/INR daily chart
Trend: Pullback expected
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