- USD/INR stays depressed near the lowest in six months.
- Oversold RSI should play its role if the quote breaks successfully above 61.8% Fibonacci retracement.
- Highs marked during November and early-2020 are on the bears’ radars.
Despite bouncing off the lowest since March 03 the previous day, USD/INR remains pressured around 73.05 during the pre-European session trading on Wednesday. The cross seesaws near 61.8% Fibonacci retracement of its run-up from November 2019 to April 2020.
Other than the absence of a clear downside break below the key Fibonacci retracement levels, oversold RSI also keeps the pair buyers hopeful.
However, a daily closing past-73.30 will be necessary for the bulls to aim for a March 10 low of 73.50 and 50% Fibonacci retracement level close to 74.15.
Meanwhile, the pair’s fresh selling will wait for the downside break of Tuesday’s low of 72.76, a break of which will diver the bears to multiple highs marked during late-2019 and the initial months of 2020, between 72.27 and 72.22.
It should also be noted that 72.50 may offer an intermediate halt during the further downside past-72.76.
USD/INR daily chart
Trend: Pullback expected
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