- June 14, 2021
- Posted by: Analysis Team
- Category: Forex News
- USD/INR consolidates Friday’s breakout of six-week-old resistance line, now support.
- Bullish MACD, monthly support line favor the buyers.
- 200-day SMA adds to upside filters, 74.00 becomes the key hurdle.
USD/INR struggles to extend Friday’s uptrend above 73.00, up 0.05% around 73.35, amid the initial hour of Monday’s Indian trading session.
The Indian rupee (INR) pair broke a key upside hurdle, now support, from early May the previous day. However, 100-day SMA (DMA) restricts the quote’s immediate upside by the press time.
Given the bullish MACD and the pair’s sustained breakout of the said trend line, not to forget an ascending support line from May 28, keep USD/INR buyers hopeful.
Hence, a daily closing beyond 73.30 adjacent SMA resistance will escalate the recovery moves to 73.50, comprising 200-day SMA. Though, any further rise needs to cross the 74.00 threshold comprising multiple tops marked since late February to convince USD/INR bulls.
Alternatively, pullback moves may bounce off the 73.00 round-figure comprising the previous resistance line and the immediate rising trend line support.
Should the USD/INR sellers conquer the 73.00 threshold, the pair’s further weakness towards 72.75 and 72.30 can’t be ruled out.
USD/INR DAILY CHART