- June 3, 2021
- Posted by: Analysis Team
- Category: Forex News
- USD/INR prints four-day uptrend, refreshes intraday top of late.
- 100-day SMA, monthly resistance line guards immediate upside.
- RSI recovery, bullish MACD signal further upside, 61.8% Fibonacci retracement adds to the upside filters.
USD/INR takes the bids near 73.10 during the four-day recovery, up 0.15% intraday, amid the initial Indian session trading on Thursday. In doing so, the Indian rupee (INR) pair snaps the five-week-old downtrend while portraying another attempt to cross the convergence of the 100-day SMA and monthly resistance line.
Given the RSI recovery and MACD signals teasing the bulls, USD/INR run-up is likely to extend. However, a clear upside break of 73.30 becomes necessary for the bulls before they attack 61.8% Fibonacci retracement of February-April upside, near 73.50.
During the quote’s further rise past 73.50, multiple stops near 73.70 and 50% Fibonacci retracement level close to 73.90 will mark the second-last attempt, before the 74.00 threshold, to stop USD/INR bulls.
Alternatively, pullback moves need to break the 73.00 round figure on a daily closing basis before revisiting the multiple support area around 72.70.
It’s worth noting that the USD/INR south-run past-72.70 will also be a bumpy ride as 72.30-25 and the yearly low of 72.17 may challenge the pair sellers ahead of directing them to the 72.00 round-figure.
USD/INR DAILY CHART