USD/INR Price News: 50-DMA tests Indian rupee bulls around 75.00

• USD/INR fades bounce off three-week low, prints mild losses on a day.
• Sustained break of 21-DMA, bearish MACD signals keep sellers hopeful.
• 100-DMA, ascending support line from September appears a tough nut to crack for sellers.

USD/INR remains pressured around a three-week low, down 0.07% intraday near 75.08 during early Monday morning in Europe.

That said, the Indian rupee (INR) pair’s failures to keep the previous day’s bounce off the 50-DMA joins bearish MACD signals and sustained trading below 21-DMA to favor the sellers.

However, a clear downside break of the 50-DMA level of 74.97 becomes necessary for the pair bears to extend the ruling. Even so, a convergence of the 100-DMA and an ascending support line from September 01, around 74.50, becomes strong support to watch during any further downside.

Also adding to the downside filters is the 61.8% Fibonacci retracement level of September-December upside, close to 74.30, followed by November’s low near 73.85.

On the contrary, recovery moves remain elusive until staying below 21-DMA level of 75.12, a break of which will direct USD/INR towards October’s peak of 75.65.

Following that, the 76.00 threshold and 76.30 may rest the pair buyers before directing them to the yearly high near 76.59.

USD/INR: Daily chart

Trend: Further weakness expected