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  • USD/INR struggles for a clear direction after Monday’s failure to cross 21-day EMA, three-week-old resistance line.
  • Bearish MACD, repeated pullback below 74.00 keep pair sellers hopeful.

Having eased from the one week high the previous day, USD/INR seesaws around 73.80/85 during early Tuesday. In doing so, the quote keeps pullback from 21-day EMA and a downward sloping trend line from November 13 amid bearish MACD.

As a result, USD/INR sellers eye re-test of the early November-December low near 73.65 ahead of targeting the monthly bottom close to 73.40.

Though, the pair’s weakness past-73.40 may have multiple supports to rest upon before targeting October’s low near 72.95.

Meanwhile, a daily closing beyond the stated resistance line and 21-day SMA, currently around 73.90/95, needs to cross the 74.00 threshold to convince the USD/INR buyers.

Following that, the 74.25 and the mid-November top near 74.80 will be in the spotlight.

Overall, the trading sentiment remains tilted to the south but there is little room for the USD/INR bears to cheer.

USD/INR daily chart

Trend: Bearish