- USD/INR eases from intraday high while keeping Tuesday’s gains.
- 50-bar SMA, one-month-old horizontal resistance challenge the buyers.
- Sellers await downside break of 73.00 for fresh entries.
USD/INR trims the early Asian gains while receding to 73.15 during the initial hour of the Indian session on Wednesday. Even so, the quote stays positive while keeping the initial week’s recovery moves amid bullish MACD.
It should, however, be noted that 50-bar SMA at 73.25 restricts the pair’s immediate upside moves ahead of directing USD/INR bulls toward the lows marked on December 02 and 17, near 73.40/41.
Though, a clear run-up beyond 73.41 will not hesitate to challenge December’s high near 74.15. During the run-up, the quote may pause near the 74.00 round-figure.
Alternatively, 73.10 and the 73.00 round-figure can restrict short-term USD/INR downside before directing sellers to the monthly low of 72.85.
In a case where USD/INR bears refrain from stepping back around 72.85, the September low of 72.76 becomes the key as it holds the gate for further downside towards the early 2020 tops near 72.20.
USD/INR four-hour chart
Trend: Further recovery expected
Share
