USD/INR Price News: Indian rupee stays between 50-SMA and 200-SMA with eyes on RBI

• USD/INR reverses Tuesday’s rebound from weekly bottom, remains inside short-term trading range.
• Bullish divergence on RSI challenges monthly support break ahead of Thursday’s key RBI meeting.

USD/INR takes a U-turn from the weekly top, refreshing intraday low near 74.67 during Wednesday’s Asian session.

In doing so, the Indian rupee (INR) pair cheers late January’s downside break of an upward sloping support line, now resistance near 75.35 by the pres time.

However, bullish RSI divergence and a slow grind between the 50-SMA and 200-SMA challenge USD/INR traders.

That said, the USD/INR pair traders need to overcome the immediate 74.75-50 trading range to please momentum traders.

Though, higher-long on RSI and prices test could test USD/INR bears below 74.50 support level around the 74.00 threshold.

On the flip side, a clear upside break of 74.75 will direct the quote towards the support-turned-resistance line of 75.35.

Following that, USD/INR bulls may need validation from the 61.8% Fibonacci retracement of December-January moves, around 75.50, before eyeing the 76.00 round figure.

USD/INR: Four-hour chart

Trend: Sideways