Market news
29.11.2021, 04:45

USD/INR Price News: Indian rupee rebound eyes 74.60-58 key area

  • USD/INR consolidates the biggest daily jump since mid-June.
  • Sluggish Momentum, failures to cross July’s top keep pair sellers hopeful.
  • 50-DMA, previous resistance line challenge bears, 75.63-65 becomes the key hurdle for the bulls.

USD/INR remains on the back foot around 74.85, down 0.20% intraday during early Monday morning in Europe. The Indian rupee (INR) pair poked the monthly high the previous day while posting the heaviest daily jump since June 17.

However, failures to provide a daily closing beyond July’s peak and sluggish Momentum line favor short-term bears.

That said, the latest pullback is likely to extend towards a convergence of the 50-DMA and previous resistance line from October 12, around 74.60-58.

It should be noted, though, that any further downside past 74.58 will not hesitate to challenge 38.2% Fibonacci retracement (Fibo.) of February-October upside and an ascending support line from September 01, respectively around 74.30 and 74.10.

On the flip side, a daily closing beyond July’s high of 75.01 will aim to cross the double tops surrounding 75.65. Following that, a run-up towards the 76.00 can’t be ruled out.

To sum up, USD/INR bulls remain on the driver’s seat but intermediate pullbacks can be expected.

USD/INR: Daily chart

Trend: Further weakness expected

 

© 2000-2022. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Feedback
Live Chat E-mail
Up
Choose your language / location