USD/INR Price Analysis: Bulls eyeing a move beyond 100-DMA hurdle, around 71.30
- USD/INR regains some positive traction on Thursday.
- The set-up remains tilted in favour of bullish traders.
The USD/INR cross regained some positive traction on Thursday, with bulls making a fresh attempt to build on the momentum beyond the 71.30 region – 100-day SMA.
Given last week's rebound from the very important 200-day SMA and the latest bounce from the 71.00 neighbourhood, the near-term set-up remains in favour of bulls.
With oscillators on the daily chart starting to move in the positive territory, a sustained move beyond the mentioned barrier will further reinforce the constructive outlook.
The pair then is likely to accelerate the positive momentum and aim towards reclaiming the 72.00 round-figure mark ahead of the 72.20-30 heavy supply zone.
On the flip side, any meaningful pullback might continue to find some support near the 71.00 handle, below which the pair might slide to the 70.65-60 region (200-DMA).
Failure to defend the said support levels might pave the way for an extension of the recent slide further towards December swing lows support near the 70.35-30 region.
The downward trajectory could further get extended and the pair might then turn vulnerable to head towards challenging the key 70.00 psychological mark.
USD/INR daily chart