• USD/INR stays depressed near the key support line.
• Downside break can refresh multi-month low, two-week-old falling trend line lures the bears.
• Bulls remain cautious unless breaking 200-bar SMA.

USD/INR stays on the back foot around 72.56, down 0.05% intraday, during the initial Indian session trading on Friday. In doing so, the Indian rupee bulls battle a short-term rising trend line from February 12.

Considering the quote’s pullback from 200-bar SMA during the last two days, amid bearish MACD, the USD/INR sellers are determined to break the immediate support line of 72.54.

However, the recently flashed multi-month low of 72.50 will challenge the downside momentum targeting another short-term support line, stretched from February 05, at 72.35 now.

It should be noted that the USD/INR declines below 72.35 will eye the early January 2020 peak surrounding 72.20.

Alternatively, an upside break of the immediate resistance line, near 72.68, will have to cross the 200-bar SMA level of 72.98, as well as the 73.00 threshold, to recall the USD/INR buyers.

Following that, the monthly high of 73.20 will gain the market’s attention.

USD/INR FOUR-HOUR CHART