USD/INR Price Analysis: Indian rupee bounces off 2022 low near 75.50

• USD/INR snaps four-day uptrend inside six-week-old bullish channel.
• Firmer MACD signals, sustained trading beyond the key SMAs keep buyers hopeful.
• 200-DMA becomes the key support, 75.80 guards immediate upside.

USD/INR pulls back from yearly high while snapping a four-day uptrend around 75.55 during Monday’s Asian session.

In doing so, the Indian rupee (INR) pair steps back from the resistance line of an upward sloping trend channel from early January.

However, bullish MACD signals and the quote’s successful trading above the 50-DMA and 200-DMA, respectively around 74.90 and 74.30 by the press time, keep USD/INR bulls hopeful.

That said, the pair’s weakness past  74.30 will need validation from the 74.00 threshold before directing the USD/INR bears towards the previous month’s low near 73.70.

Meanwhile, the pair’s further upside needs to defy the stated channel with an upside break of 75.75.

Following that, the 76.00 round figure and December 2021 peak near 76.60 gains the market’s attention.

Overall, USD/INR prices remain in the upward trajectory but a pullback can’t be ruled out.

USD/INR: Daily chart

Trend: Bullish