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  • USD/INR takes a U-turn from last Wednesday’s top, prints mild gains.
  • Three-week-old falling trend line, 200-bar SMA adds to the upside barriers.

USD/INR battles short-term resistance line from December 09 while easing to 73.71 during the initial Indian trading session on Monday. In doing so, the quote prints 0.15% intraday gains.

Not only an immediate falling trend line, at 73.74 now, but another descending line from November 27, currently around 73.83, also weigh on the USD/INR prices.

In a case where the recovery moves, as cited by MACD, manages to cross 73.83, the 200-bar SMA level of 73.95 and the 74.00 round-figure will challenge the pair buyers.

Alternatively, the 73.50 and the monthly low around 73.41 offer immediate support to the quote.

Although bears are less likely to dominate past-73.41, any further weakness will have to attack October’s low around 72.96.

USD/INR four-hour chart

Trend: Bearish