- USD / INR extends Wednesday’s takeover measures to challenge the 50-day SMA.
- A five week old downtrend channel keeps sellers hopeful amid the bearish MACD.
- Bulls will wait for the upside break in the chain for new entries.
The USD / INR raises the auction to almost 75.61, up 0.25% on a day, during the pre-European session on Thursday. In doing so, the pair probes the 50-day SMA in a multi-day downtrend channel.
A sustained 50 day SMA break of 75.60 becomes necessary for buyers to challenge the bearish technical model. Then 76.20 can act as an intermediary resistance in front of the upper line of the canal of 76.45.
If the USD / INR prices crossed 76.45 on a daily basis, the April 21 high near 77.00 could stop the bulls before pushing them towards the April monthly peak near 77.40.
Meanwhile, 75.00 can offer immediate support to the pair before highlighting the bottom line of the chain, near 74.70.
If the rating drops below 74.70, the peak in early March near 74.58 can attract bears.
USD / INR daily chart