- USD/INR refreshes two week high as it crosses 21-day SMA.
- MACD conditions, successful bounce off 73.00 favor bulls.
USD/INR takes the bids near the intraday high of 73.51, up 0.16% on a day, ahead of Monday’s European session. In doing so, the Indian rupee pair jumps past-21-day SMA while rising to the highest since December 29.
Not only an upside break of immediate Simple Moving Average (SMA) but MACD conditions also favor USD/INR buyers. The MACD rises to the strongest levels since December 23 by press time.
As a result, USD/INR bulls eye a falling trend line from November 04, at 73.67 now, before targeting a 50-day SMA level of 73.80.
It should be noted that the 74.00 round-figures and December’s peak around 74.12 will lure the pair buyers beyond 50-day SMA.
Alternatively, a failure to keep a 21-day SMA breakout will recall a 73.30 level on the chart. Though, USD/INR sellers will wait for a clear downside break of the 73.00 threshold for fresh entries.
Following that, the monthly low, also the lowest since September 2020, near 72.85, will be in the spotlight.
USD/INR daily chart
Trend: Further upside expected
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