USD/INR Price News: 50-DMA tests India rupee sellers below 75.00

• USD/INR bounces off four-month-old support line, monthly low to snap two-day downtrend.
• Bearish MACD, 50-DMA challenge recovery moves, 100-DMA adds to the downside filters.

USD/INR pare recent losses around 74.77, up 0.07% intraday during the late Asian session on Wednesday.

The Indian rupee (INR) pair dropped to the lowest levels since November 26 the previous day before bouncing off 74.58. The corrective pullback took place near an ascending trend line from early September, as well as the 100-DMA.

However, the 50-DMA level of 74.96 guards the quote’s immediate upside amid bearish MACD signals.

Even if the USD/INR buyers cross the 74.96 hurdle, the 75.00 threshold and a two-week-old descending trend line close to 75.25, will test the further upside before convincing the bulls.

Alternatively, the 100-DMA adds strength to the 74.58-53 support zone, a break of which will quickly recall the 74.00 round figure to the chart.

However, the USD/INR pair’s further weakness will make it vulnerable to test November’s low of 73.85.

USD/INR: Daily chart

Trend: Bearish bias remains intact