- November 9, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/INR prints mild losses below an ascending trend line from October 09 amid bearish MACD.
- Eight-day-old horizontal resistance adds to the upside barriers.
USD/INR drops to re-test 200-bar EMA while declining to 73.88, down 0.15% intraday, during the early Monday. The pair bounced off the key EMA during the last week but failed to rise past-74.26 afterward.
The following declines join bearish MACD while restoring the downside break of a short-term key support line, which in turn keeps the USD/INR sellers hopeful.
While 61.8% Fibonacci retracement of October-November upside, near 73.73 can lure intraday sellers below the stated EMA, October 23 low near 73.50 will be in the spotlight afterward.
During the USD/INR bears’ reign past-73.50, the 73.20 and the previous month’s low close to 72.95 may return to the charts.
Meanwhile, the support-turned-into-resistance line near 74.06 precedes the horizontal area from October 28, close to 74.25, to guard the pair’s immediate upside.
Even if the quote manages to cross 74.25, the 74.70 level can probe the USD/INR bulls ahead of directing them to the monthly top near 75.00.
USD/INR FOUR-HOUR CHART