USD/INR Price Analysis: Indian rupee appears vulnerable to test June 2020 lows

• USD/INR defends bulls around 18-month high, retreats of late.
• Sustained upside break of double tops, bullish MACD signals keep buyers hopeful.
• 13-month-old resistance line adds strength to the upside filter around 76.55.

USD/INR holds onto the previous day’s break of 75.65 key hurdle during early Monday. In doing so, the Indian rupee (INR) pair stays near the highest levels in 18 months.

In addition to the clear run-up beyond the tops marked in August and October, bullish MACD signals also favor bulls until the quote stays beyond the 75.65 resistance-turned-support area.

Also defending the USD/INR buyers is an upward sloping trend line from late November around 75.48.

It should be noted, however, that a break of 75.48 support will not hesitate to drag the USD/INR prices towards October high near 75.20 and July’s peak of 75.01.

Meanwhile, further upside eyes a confluence of June 2020 top and an ascending trend line from November 2020, around 76.55.

During the rise, the 76.00 threshold may offer an intermediate halt while the record top marked in April 2020 near the 77.00 round figure will lure the USD/INR bulls afterward.

USD/INR: Daily chart

Trend: Further upside expected