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11 May 2021

USD/INR Price News: Indian rupee sellers battle short-term hurdle around mid-73.00s

  • USD/INR pokes intraday high amid second consecutive positive day.
  • Two-week-old resistance line guards immediate run-up, falling trend line from April 21, 200-SMA add to the upside filters.
  • Bullish MACD backs corrective pullback, bears need clear break of 73.20 to tighten the grips.

USD/INR extends the week-start recovery to 73.51, up 0.05% intraday, amid the initial Indian trading session on Tuesday.

The Indian rupee (INR) pair dropped to the fresh low since early April on Friday but multiple lows marked in over five weeks triggered the quote’s corrective pullback afterward.

The recovery moves also propel the MACD bullish signals to attack a downward sloping resistance line from April 26.

Although buyers are likely to overcome the immediate hurdle around 73.52, any further upside seems doubtful as another downward sloping trend line from April 21 and 200-SMA, respectively near 73.90 and 74.15, could test the USD/INR bulls afterward.

Meanwhile, 73.20 becomes the key short-term support before the 73.00 threshold.

USD/INR four-hour chart

Trend: Further recovery expected

 

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