Mar 18, 2020
USD/INR Price Analysis: Dollar remains confined above 74.00 figure vs. rupee
- USD/INR bull trend remains intact as the quote is trading off three-decades highs.
- A deeper pullback down cannot be ruled out for USD/INR.
USD/INR weekly chart
USD/INR is trading above its main weekly simple moving averages (SMAs) while trading near three-decade highs approaching the 75.00 handle. Over the weekend, to counter the coronavirus crises, the Federal Reserves cut interest rates by surprise by 100bps to 0%.
USD/INR daily chart
USD/INR is fading the 75.00 figure while holding above the 74.00 support level. A daily close below the 73.50 level can lead to a deeper pullback down towards 73.00 and 72.50 levels. Conversely, buyers would need to regain the 75.50 resistance in order to march into uncharted territories.
Additional key levels