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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

 

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