- The USD / INR again faces the monthly resistance line while bringing offers close to 75.80.
- The bearish MACD suggests the repetition of the recent pattern marking the loss after the gain.
- An upward release may refresh the monthly high while bears may need to break the April low to mark their strength.
The USD / INR raises the auction to almost 75.80, up 0.32% on a day, before heading to the European session on Thursday. In doing so, the pair faces the monthly resistance line while repeating the recent gain followed by loss pattern on the daily chart.
Not only does the short term trading pattern and immediate resistance line, at 75.85 now, but the bearish MACD also reduce the chances of the pair continuing.
As a result, sellers target 75.50 as close support before the April low near 74.95, a breakout of which may recall the late March lows near 74.40.
Alternatively, the pair’s sustained trade above 75.85 will refresh the monthly high of 76.20 while the April 21 high at 76.98 and the April monthly peak near 77.38 could attract bulls afterwards.
USD / INR daily chart
Trend: expected decline