USD/INR Price News: Indian rupee snaps two-day recovery below 73.00
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USD/INR Price News: Indian rupee snaps two-day recovery below 73.00

  • USD/INR rises for the first time in three days.
  • Two-week-old triangle breakdown, bearish MACD favor sellers.
  • Bulls have a bumpy road unless crossing 73.12.

USD/INR picks up bids around 72.78, up 0.12% intraday, during the pre-European session trading on Thursday. The Indian rupee currently bounces off the weekly low flashed the previous day but keeps the downside break of a short-term symmetrical triangle.

Other than the triangle breakdown, bearish MACD backs USD/INR sellers unless the recovery moves gains above the stated triangle’s resistance line, at 73.12 now.

During the rise, 200-bar SMA and the triangle support, respectively around 72.90 and 73.05, can offer intermediate halts.

Meanwhile, the monthly low around 72.60 offers immediate rest should the quote fades its corrective pullback, which is more likely.

Following that, the late February lows near 72.17 and the 72.00 threshold will be in the spotlight.

Overall, USD/INR remains depressed but the bulls seem to catch a breather and keep reins unless crossing the 73.12.

USD/INR four-hour chart

Trend: Bearish


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