- USD/INR sellers attack intraday low while extending pullback from eight-day-old resistance.
- Bullish MACD can trigger another bounce before 200-bar SMA.
- November 13 high may lure buyers on breaking channel formation.
USD/INR marks 0.12% intraday losses while staying heavy near 74.18 ahead of the Indian market’s open on Tuesday. The pair rose to Friday’s high the previous day before reversing from the upper line of an immediate descending channel.
Although bullish MACD suggests the pair’s strength unless breaking below 200-bar SMA, an intermediate drop to 74.00 can’t be ruled out.
Not only the 200-bar SMA level of 73.97 but the support line of the stated channel, at 73.82 now, also challenges the USD/INR sellers.
On the flip side, an upside clearance of 74.30 can trigger a fresh rise towards November 13 top near 74.80 while the pair’s following upside may be hindered by the monthly top surrounding 75.00.
During the quote’s sustained rise past-75.00, August month’s high near 75.30 and the mid-July peak close to 75.52 could return to the charts.
USD/INR four-hour chart
Trend: Pullback expected
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